CDC Investissement Immobilier, the property asset management subsidiary of Caisse des Dépôts, has acquired a prime office in Paris from Deka Immobilien.
Financial details were not disclosed.
The property, located in Paris’s eighth arrondissement, has been held in the portfolio of open-ended property fund Deka-ImmobilienEuropa.
The Ville I’Evêque office building comprises 4,900 m2 of leasable space with a spacious roof terrace and 75 parking spaces in an underground car park.
The building, which was originally constructed in 1977 and refurbished in 1996, was acquired by Deka in 2000. From 2021 to 2023, the firm carried out extensive core renovation work after law firm Willkie Farr & Gallagher moved out of the premises.
The property was subsequently leased to law firm Simmons & Simmons on a long-term lease at significantly higher rents. It has been rated Very Good by BREEAM and obtained high-performance certification from HQE Sustainable Building.
Deka said the successful repositioning enabled the fund managers of Deka-ImmobilienEuropa to generate a substantial profit for investors. In addition to further cash inflows into the fund, the proceeds from the sale will help to maximise purchase opportunities for investors in an altered market environment, the firm said.
