German investor Allianz Real Estate has completed the acquisition of 100% of the Le Colisée office building in the Paris business district of La Défense from Icade's Compagnie La Lucette.
German investor Allianz Real Estate has completed the acquisition of 100% of the Le Colisée office building in the Paris business district of La Défense from Icade's Compagnie La Lucette.
The signing of the preliminary agreement was announced in February 2010 by La Lucette, which at the time was owned by Morgan Stanley Real Estate Fund VI. Although the financial details were not disclosed, market experts indicate that the transaction amounts to around EUR 160 mln. The share transaction reflected a yield below 7.5%.
Le Colisée is a 10-storey Grade A office building located in the Faubourg de l'Arche sector of the La Défense. It was completed in 1998 and has a total lettable area of about 25,000 m2. The building is currently let to a diversified tenant base including Expansience, Regus and ACE Insurance. The occupiers benefit from 389 underground parking spaces and a restaurant seating 468 people.
Compagnie La Lucette was advised by CBRE, De Pardieu Brocas Mafféi and Wargny Katz; JLL and Cabinet Lacourte Balas acted for Allianz RE.
Earlier in May, Allianz RE also confirmed the acquisition of the Capital 8 office complex in Paris from Franco-Dutch property group Unibail-Rodamco. Although the acquisition price was not disclosed, market sources indicate that Allianz RE is forking out EUR 260 mln to acquire the 18,000 m2 Grade-A complex. The transaction is said to reflect a yield of 5.5%.