CGG snaps up Bouygues Telecom HQ near Paris

German property group Commerz Grundbesitz (CGG) will pay EUR 260 mln for the Technopole Bouygues Telecom development in Meudon, a municipality in southwestern Paris. Developed by French builder Bouygues Immobilier, the site will offer some 53,000 m² of mixed areas and 2,000 parking spaces and will be let to Bouygues Telecom, the telecommunications arm of the Bouygues Group. Bouygues Telecom, which signed a nine-year lease, will set up its corporate headquarter in the building.

Following its completion in late 2009, the office building will be added to Commerz Grundbesitz's hausInvest europa portfolio, which with EUR 8.3 bn of assets is one of Europe’s largest open-end property funds. CGG manages a portfolio of more than 30 properties in the Paris conurbation with a total market value of around EUR 2.5 bn and a lettable area of 600,000 m². The group said it is planning to increase its French portfolio to more than EUR 3 bn. Commerz Grundbesitz was advised on the transaction by Jones Lang LaSalle.