Primonial REIM France and Société Générale Assurances have acquired a 45,000sqm office property complex in France’s capital from Oxford Properties for an undisclosed sum.
Primonial REIM France and Société Générale said they have bought the Window office property complex located in La Défense 92.
Grégory Frapet, chairman of Primonial REIM France, said the acquisition of the Window building is among the largest transactions in volume terms to have taken place in the office property market so far this year.
“The transaction is also a testament to our strong convictions about the office property market and to our investment strategy, which is geared towards building up positions in sizeable head offices located in the heart of the Greater Paris region and occupied by large corporate tenants.“
Yann Briand, the head of real estate at Société Générale Assurances, said: “The acquisition of the Window building is fully consistent with the strategy adopted by Société Générale Assurances in our capacity as a responsible investor geared towards investing in highly energy-efficient real estate.
“The asset’s intrinsic qualities will secure reversibility and resilience for the property over the long term.”
Pierre Leocadio, the head of investments Europe at Oxford Properties, said: “We are delighted to have worked with the teams at Primonial REIM France and Société Générale Assurances who approached us off-market.
“The sale of Window sends out a strong signal about the La Défense market and we intend to reinvest the proceeds from this sale in new transactions targeting new sectors with a view to diversifying our portfolio, which we would like to double in size within the next 5 years.”
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