To celebrate our 10th anniversary, PropertyEU has launched a search for the Deal of the Decade. BNP Paribas Real Estate was the first of the major European advisors to submit a string of candidates.
Not surprisingly, given the Paris-based firm’s strong presence in continental Europe, particularly France and Germany, its selection involves deals in the big cities of these two countries. Three of the seven candidates are transactions that were executed in Paris. The candidates were submitted by the capital markets team headed by Etienne Prongué.
The oldest deal candidate dates from 2007 and involved the acquisition of Place Vendome by Sloane Capital from UK REIT Hammerson and AXA REIM for a price of €624 mln or a yield of 3.6%. BNP Paribas RE advised the buyer.
International buyers
Two other deals that the firm has submitted as candidates involve international buyers. In June 2014, Saudi Arabian investor Olayan teamed up with UK-based Chelsfield to acquire the Etoile portfolio – a prime portfolio of nine assets in the Paris CBD – for €1.2 bn or a yield below 4%. BNP Paribas RE advised the buyer in this off-market transaction.
The third Paris deal involves the sale of Ecowest, a property that was developed by BNPP RE Property Development, to the Abu Dhabi Investment Authority (ADIA) for €477 mln. The deal exemplifies BNPPRE’s full range of competences and synergies between the development, investment transaction and leasing teams. At the time of purchase, the development was 81% pre-let to L’Oreal.
German towers
BNPPRE has also submitted four deals in Germany as candidates for the Awards. These include three flagship office towers in Frankfurt: the Trianon Tower, the Silver Tower and the Opernturm. Each of these assets was sold to an international buyer. The fourth submission is the Sony Center in Berlin which was sold to Hines and the South Korean public pension fund NPS in Q2 2010. The Paris-based advisor acted for the vendor Morgan Stanley.
Over the summer, our project team will be urging other advisors and investors to submit their candidates ahead of a selection for the shortlist. The submissions will be announced in our daily newsletter during July and August ahead of a readers’ vote in the autumn. The Deal of the Decade Awards will be presented during a ceremony in Amsterdam in December.
Do you have a deal that you would like to submit?
For more information, go to: propertyeu.info/content/awards or mail irina@propertyeu.info
