Belgian insurance group AG's real estate arm has sold 80% of the Campus Cristal office park in the northwestern suburbs of Paris, to Crédit Agricole Assurances and EDF Invest.
Belgian insurance group AG's real estate arm has sold 80% of the Campus Cristal office park in the northwestern suburbs of Paris, to Crédit Agricole Assurances and EDF Invest.
Financial details were not disclosed. However, the property, located in Gennevilliers, is valued at €300 mln.
Crédit Agricole Assurances will take a 46% share in the complex while energy group EDF will control a 34% interest. AG Real Estate is retaining the remaining 20% as well as the asset and property management.
Campus Cristal is located in the Carré 92 office park which provides a total of 180,000 m2 of space. The complex was designed by architecture firm Art & Build and developed by AG Real Estate France. It currently offers 85,000 m2 of offices across 10 independent buildings.
Since its delivery in August 2012, the site has housed the headquarters of Thales Communication & Security, which has a 12-year fixed lease.
The closing of the transaction is scheduled for this summer.
In this transaction, Crédit Agricole Corporate and Investment Bank brokered the deal for Crédit Agricole Assurances, while AG Real Estate was advised by CBRE Equity Placement and CBRE Capital Markets in an exclusive retainer agreement.
White & Case and Deloitte advised the buyers, while AG Real Estate was advised by Wragge Lawrence Graham & Co and PWC.
