BNP Paribas REIM has acquired the office building 47 Austerlitz in Paris from Deka Immobilien, on behalf of its vehicle Accimmo Pierre (SCPI).
The purchase price was not disclosed. Deka acquired the asset in 2012 for €169 mln.
The 22,700 m2 office property benefits from a double address, at 41-49 Quai d’Austerlitz and 52-60 Avenue Pierre Mendès France, in the city's 13th arrondissement.
The asset, which was built in 2003, is situated in the Paris Rive Gauche mixed development area and includes significant outdoor spaces. It is fully let to French bank Natixis, a subsidiary of BPCE group.
Deka, which was holding the asset in its mutual fund, Deka-ImmobilienEuropa, said that given the approaching end of the lease for Natixis - due in March 2021 - it would avoid vacancy risk and asset management issues for its investors with the sale.
Guillaume Delattre, chief investment officer of BNP Paribas REIM France said: 'We are delighted with this new acquisition, which matches perfectly Accimmo Pierre's strategy, adding a modern building to our portfolio, located in a constantly evolving district with a direct link to two of the main office areas of Ile-de-France.
'This transaction – which was mostly carried out during lockdown – demonstrates our ability to deliver large units even during a crisis.'
Savills advised Deka.
On legal matters, the parties were advised by Wargny Katz Notary and the firm Racine together with Orfeo on the buyer side, and by the firm C&C, with CMS Francis Lefebvre Avocats advising the vendor.
