Benson Elliot, GCI offload EUR 150m of Paris offices

Private equity real estate firm Benson Elliot Capital Management and Générale Continentale Investissements (GCI) have announced the sale of Olympique and Opéra Italiens, after successfully completing value-add business plans on both assets. The properties were part of the two partners' Opéra portfolio.

Olympique, located in the 13th arrondissement of Paris, was sold to Edissimo and Rivoli Avenir Patrimoine, two SCPIs managed by Amundi Real Estate. The fully-let scheme offers 10,647 m² of high quality office space, 88 parking spaces and an inter-company restaurant.

Opéra Italiens, the flagship property of the Opéra portfolio, located in Paris’ 9th arrondissement, was once the headquarters of French daily Le Monde and is home today to the French justice ministry. The fully-occupied building is spread over 7,375 m² of lettable office space. It was sold to an unnamed pension fund.

The sales follow a number of asset management initiatives including long-term lease extensions on both buildings. At Olympique, a new nine year lease with Editis, one of France's leading publishing companies, was recently signed, taking the building to full occupancy; at Opéra Italiens, the partners last year concluded a six-year lease with the justice ministry.

Benson Elliot and GCI were advised by BNP Paribas Real Estate, Cushman & Wakefield, L’Etude des Notaires du Quai Voltaire and Cabinet Gide.