A property arm of French asset manager La Française has expanded its partnership with its South Korean partners via a €691m office acquisition deal.
La Française Real Estate Partners and Samsung Securities have agreed to buy the seven-story Crystal Park office building located 62-64 boulevard Victor Hugo, in Neuilly-sur-Seine (92), from listed commercial property investor ICADE.
La Française, a minority co-investor, will act as asset manager.
The fully-let Crystal Park building offers over 39,000sqm of office space, 719 underground parking spaces and a landscaped park of two hectares. The asset was built in 2003 and refurbished in 2018.
Patrice Genre, president of La Française Real Estate Partners said: ”The Crystal Park transaction illustrates well the strength and depth of our international investment and business network.
”From fundraising and sourcing to asset and fund management, La Française is a one-stop real estate shop. We thank our South Korean partners for their continued confidence”
The latest deal is Samsung Securities’ fourth investment in the Paris region and the second collaboration with La Francaise following the acquisition of the North Light and Pole Star buildings in Belgium.
Shawna Yang, director of real estate investor relations for Asia, said: “For La Française, this is the single largest transaction to-date on behalf of South Korean investors, keen on diversifying their portfolios in French real estate.
”The French real estate market continues to show positive signs both in terms of valuations and rental values and we will continue to seek quality assets for Asian investors.”