German investment manager Deka Immobilien has acquired an office property in Paris for €165 mln from LaSalle Investment Management's Encore+ real estate fund.
The property will be added to the portfolio of the open-ended real estate fund WestInvest ImmoValue, intended for institutional investors.
Dubbed Sainte Cécile, the office was redeveloped in 2004 into a modern property with some 9,400 m2 of leasable space, 109 parking spaces and an inner courtyard. It was created by combining three formerly independent neighbouring buildings from the 20th century.
The office building is fully leased to bank BNP Paribas and is located in the 9th arrondissement.
LaSalle acquired the asset in March 2020 as part of a sale-and-leaseback transaction with BNP Paribas that also included the adjoining landmark office building, Bergère.
LaSalle retains ownership of Bergère, the headquarters of BNP Asset Management, located at number 14 rue Bergère.
Beverley Kilbride, France country manager at LaSalle, said: 'I congratulate our team for successfully completing this sale and executing our strategy at a time of market turbulence. The 9th arrondissement is one of the most popular districts with tenants in Paris, particularly due to the presence of major technology companies.
'The assets that we manage here are perfectly suited to meet the expectations of the younger generation, both today and in the future, for a central and high-quality working environment.'
David Ironside, fund manager for Encore+ at LaSalle, added: 'We are very pleased to have completed the sale of Sainte-Cécile, which was the final stage of our wider 'Bergère and Sainte-Cécile' acquisition strategy.
'The resilience of the location and the rental income of Bergère, in addition to the returns from the sale of Sainte-Cécile, represent a very positive contribution to the performance of the Encore+ fund for our investors.'
