Abu Dhabi SWF snaps up €200m Paris office project from UBS

Tamweelview European Holdings, a subsidiary of the Abu Dhabi Investment Authority (ADIA), has acquired the Tour Alto office development in Paris-La Défense in a deal secured through LaSalle Investment Management.

LaSalle advised the purchaser on the acquisition from the UBS (Lux) Euro Value Added Real Estate Fund managed by UBS Asset Management's Global Real Estate business. The company has also been appointed as the project’s asset manager.

The project will involve the demolition of the existing ‘Les Saisons’ building and the construction of a 51,200 m2 office scheme at the gateway to La Défense. The purchaser has awarded the €200 mln development contract for the 38-storey office tower to a subsidiary of Bouygues Construction, Linkcity IDF (formerly Sodéarif).

ADIA paid €55 mln for the asset to UBS, which acquired the building in April 2006.

Tour Alto will include an IF Architectes-designed office tower, car park, ground-level retail space and a public square. The office tower is targeting HQE ‘Exceptionnel’ and BREEAM ‘Excellent’ environmentally-sustainable certifications.

Detailed design work will continue during 2016, with demolition works to commence mid-2016. Practical completion is expected in 2020. As part of the transaction, UBS will remain actively involved in the management of the redevelopment programme for at least the next 12 months via a mandate with the purchaser.

This disposal is the last remaining asset to be sold from UBS-EVA, bringing the fund to a close.

Allen & Overy acted as legal and tax advisor for the buyer while Allez & Associés provided notary services, Aliuta acted as technical advisor and PwC as financial advisor.

For the vendor, Herbert Smith Freehills acted as legal advisor with Lacourte, Raquin Tatar and TAJ as tax advisor, while Wargny Katz & Associés provided notary services and GR Projets Immobiliers acted as technical advisor.