Carlyle Real Estate has signed an agreement to sell the Hôtel de la Salle in the seventh district of Paris, part of the Gérard Garouste-designed Rue de l’Université complex which the investor put on the market earlier this year. The company declined to provide financial details.
Carlyle Real Estate has signed an agreement to sell the Hôtel de la Salle in the seventh district of Paris, part of the Gérard Garouste-designed Rue de l’Université complex which the investor put on the market earlier this year. The company declined to provide financial details.
The Hôtel de La Salle, which dates back to the 17th century and is listed as a historic monument, was sold to a local investor, the company confirmed. The asset provides 1,600 m2 of offices and was bought by Carlyle's CEREP II fund in 2005.
The building, formerly the home of French Customs, is said to be valued between EUR 250 and 300 mln. It provides 12,600 m2 and 3,400 m2 of fully refurbished office and retail space respectively, in addition to the Hôtel de la Salle.
Carlyle Group sold the remaining sections of the Rue de l’Université complex six months before the loan backing the asset was due to reach maturity. The EUR 161 mln facility, was granted by lender pbb Deutsche Pfandbriefbank and extended to 31 December 2012. The group denied reports that the extension was due to one or more defaults on the senior loan.