French listed property company Immobiliere Dassault said it is buying a prime office building located at the corner of Champs Elysées and Rue Vernet in Paris for a total of EUR 90 mln, excluding taxes. The acquisition price reflects a yield of roughly 4%.

French listed property company Immobiliere Dassault said it is buying a prime office building located at the corner of Champs Elysées and Rue Vernet in Paris for a total of EUR 90 mln, excluding taxes. The acquisition price reflects a yield of roughly 4%.

Completely restructured in 2009, the multi-let office building offers 4,000 m2 of gross surface, of which 1,200 m2 is leased to Lancel. Immobiliere Dassault is financing the purchase with 75% of bank debt and 25% of own capital, to be raised through the launch of a EUR 25 mln capital increase. The company's three main shareholders, the Dassault family holding company, Peugeot and Seydoux have committed to participate in the capital hike for a percentage reflecting their interest in the company.

'This property represents a unique opportunity in the Parisian business property market and fits perfectly in the company's growth strategy,' Dassault said, adding that the purchase represents a 'historic step' for the group, increasing its portfolio by nearly 50%.

Immobiliere Dassault owns a portfolio consisting of nine office and residential properties in Paris valued at a total of EUR 186 mln.