French asset manager Amundi has emerged as the buyer of a European office portfolio from the KanAm grundinvest Fonds in liquidation for a total of €875 mln.
Ownership of the package, which includes five assets in Paris, Luxembourg and the Netherlands, will be transferred in September.
The portfolio includes three assets in Paris - a 9,000 m2 Art Deco building at 53, Quai d'Orsay, Tour Egée at La Défense and Le Stadium in Paris, as well as the Espace Petrusse building in Luxembourg and the PwC office building in Rotterdam, the Netherlands.
Quai d'Orsay and Tour Egée were both leased prior to the sale, respectively to law firm Bredin and French group Elior. They were last valued at €134 mln and €335 mln per end June 2015. Le Stadium, a 21,500 m2 scheme in Paris Saint Denis, saw most of its lease contracts extended prior to the sale, according to KanAm. It was last valued at €112 mln.
The 19,000 m2 headquarters of PwC in Rotterdam was acquired by KanAm in 2005 for €80 mln and is currently 80% leased through 2025 to PwC. It was last valued at €51 mln. Espace Petrusse in Luxembourg provides over 20,000 m2 and houses the headquarters of Arcelor Mittal Group. It was last valued at €112 mln.
Following the sales, KanAm grundinvest Fonds has another 11 assets to be sold, including three which are under final negotiations. The vehicle is due to be transferred to the custodian banks for liquidation by the end of the year.
It is the second major portfolio acquisition carried out by Amundi following the purchase last year of the €1 bn Aqua portfolio of 17 assets from Union Investment Real Estate.
