Benson Elliot Capital Management has teamed up again with Generale Continentale Investissements (GCI) to acquire Le Berkeley office building in La Defense, the financial district of Paris, for just over EUR 100 mln. Benson Elliot, the London-based private equity real estate firm launched by Marc Mogull, said the acquisition on behalf of its fund, Benson Elliot Real Estate Partners II, underscored its strategy to target quality assets in dominant markets.
Benson Elliot Capital Management has teamed up again with Generale Continentale Investissements (GCI) to acquire Le Berkeley office building in La Defense, the financial district of Paris, for just over EUR 100 mln. Benson Elliot, the London-based private equity real estate firm launched by Marc Mogull, said the acquisition on behalf of its fund, Benson Elliot Real Estate Partners II, underscored its strategy to target quality assets in dominant markets.
The 19,000 m2 building provides office space arranged over nine above-ground floors and 404 underground parking places. The property is located in the northeast corner of La Défense, providing easy access to the Boulevard Circulaire. It is 85%-let and the tenants include American Express, Meilleur Taux and Pinault Bois Matériaux (PBM).
'This acquisition is the fifth by Benson Elliot for the fund since it began its investment programme at the end of 2006, and takes the fund's portfolio to around EUR 650 mln. It is also Bensons Elliot's second joint venture with GCI, following the EUR 240 mln acquisition of six office buildings in Paris in February this year,' Benson Elliot said in a statement.
Financing for the deal was provided by HSH Nordbank Aktiengesellschaft.
