Asset manager Deutsche Asset & Wealth Management is looking for a buyer for a 75,000 m2 portfolio of four major office buildings in the Paris region, PropertyEU has learned.
Asset manager Deutsche Asset & Wealth Management is looking for a buyer for a 75,000 m2 portfolio of four major office buildings in the Paris region, PropertyEU has learned.
The landlord has hired agent Jones Lang LaSalle to market the assets, which are held by DeAWM's grundglobal open-ended real estate fund and are expected to fetch some €350 mln.
The package comprises Le Prisme, a 14,000 m2 office scheme in Châtillon, southwest of Paris, the 19,000 m2 Oxygène building in Clichy, the 26,600 m2 Energies Building in St.-Quentin-en-Yvelines and the 16,000 m2 Kupka tower in La Défense.
Le Prisme was most recently valued at €80 mln while Oxygène's value stood at €92 mln at end-March 2014. The Kupka tower had a value of €116 mln at end March 2014 while the Energies building was worth €97 mln.
‘There is a strong appetite for real estate and demand remains much higher than supply. Yields are as low as they have historically been and they will continue to be under pressure in the coming months,’ commented JLL France's investment boss Stephan Von Barczy.
The broker has recently been mandated for the sale of roughly €2.5 bn of commercial properties in the Paris region, Von Barczy added. Major assets currently up for grabs include the headquarters of Canal + at Quai Point du Jour, on the river bank in Boulogne-Billancourt.
AEW, on behalf of two institutional investors, has hired Jones Lang LaSalle to market the asset with a guiding price of €220 mln.
Designed by Christian de Portzamparc and built in 2000, the asset is a campus-style organised building providing a total of 29,000 m2, fully let to Canal+ with a remaining seven-year lease term.
On the left bank of the Seine, in Paris 13, JLL is also selling a 12,000 m2 office let to the French Ministry of Sport and Youth, for a guide price of €140 mln. The building, known as M7-OP1, is located near the Grande Bibliothèque and is owned by a fund managed by MEAG, the Munich Re Asset Management company.