French fund manager Amundi Real Estate has completed the acquisition of a 24,000 m2 office building in central Paris from Blackstone.
Formerly the French headquarters of Kodak, the property, Rue Villiot, is situated in front of Gare de Lyon, the third largest train station in the French.
The financial details of the transaction were not disclosed.
Blackstone acquired the property in September 2014, as part of a strategy to acquire structurally good buildings, located in the most established and strongest office sub-markets in Paris.
Following the acquisition, Blackstone embarked on a comprehensive refurbishment program, including a full façade remodelling, an upgrade to all office floors and the creation of a double-height lobby. Some 97% of office space has now been pre-let
Anthony Myers, Blackstone's head of real estate in Europe, said: 'The successful sale of Rue Villiot is testament to our strategy of acquiring high quality, well-located investments, embarking on a full scope refurbishment program and repositioning the asset as an attractive opportunity for the tenants. Blackstone continues to experience strong leasing momentum across its Paris Office Portfolio, with high demand from tenants seeking prime locations.'
