CBRE GIP takes 20% stake in Tour Adria

CBRE Global Investment Partners (CBRE GIP) acquires 20% equity holding in Tour Adria, the iconic tower at the heart of La Defense, Paris’ Central Business District.

The financial details were not disclosed.

The vendor, Testa, was advised by CBRE Capital Advisors. The tower is held in an OPCI structure, managed by Primonial REIM.

CBRE GIP joins a club of investors which bought the remaining 80% equity investment in the tower in 2013-14.

Commenting on the acquisition, Jeremy Plummer, CEO at CBRE GIP, said: 'This investment demonstrates CBRE GIP’s ability to take over investors’ positions in existing clubs. Whilst the macro-economic environment in France remains challenging, we believe this acquisition offers a unique opportunity to access a landmark building in one of the largest European business hubs at an attractive entry point in the cycle.'

The 53,841 m2 Tour Adria is fully let to Technip Group on a 12-year lease until 2021 with annual indexation. The building has 39 floors of offices above ground level and three further floors below. It also benefits from 615 car parking spaces, located on five basement levels, adjacent to the tower.

CBRE GIP had $13 bn (€10.3 bn) in assets under management at end-June 2014. It is an independent division of CBRE Global Investors that delivers investment solutions customised for clients’ individual strategies.