Real estate asset manager AEW Ciloger has acquired Tour Prisma in the Paris business district La Défense from Invesco Real Estate.
Financial details were not disclosed.
Vendor Invesco acquired the 23,000 m2 office building in 2014 as the first of six European assets bought for an Asian separate account client. Two of the other assets have already been sold.
'Our client is delighted with the success of this deal. The local market has recovered more quickly than anticipated, thus demonstrating our ability to pick the right assets at the right time and manage them through a market cycle,' said Cristiano Stampa, senior director - transactions at Invesco.
'Our local teams will continue to manage the remainder of our client’s portfolio across France and Germany, while we continue to seek additional investments.'
AEW Ciloger is purchasing the building on behalf of its French regulated retail vehicles, SCPIs and OPCIs.
Tour Prisma was constructed in 1998 and refurbished in 2011, and is fully leased to four tenants, anchored by law firm Fidal.
La Défense is Europe’s largest business district with more than 3.4 million m2 of office space, hosting major French and international companies and boasting excellent public transport links.
In this acquisition, Invesco Real Estate was advised by Linklaters, Wargny Katz, Baker & McKenzie, Theop, PwC, CBRE and Catella Property.
AEW Ciloger was advised by Clifford Chance, Prudhomme & Baum, Mazars, Egis, Sinteo and ICF.
