German property investor Deka Immobilien has acquired the 9 Percier office building in Paris for close to €144 mln from French real estate company Société Foncière Lyonnaise.
The property will be added to the portfolio of the open-ended real estate fund WestInvest InterSelect.
9 Percier has an Art Deco façade, was built in 1929 and extensively renovated between 2016 and 2019. The property offers close to 6,300 m2 of leasable space and eight parking spaces. The space is leased to eight tenants, with the Swiss insurance group Helvetia being the main tenant. The high quality building is located in the middle of the central business district of Paris in the 8th arrondissement.
The property has achieved BREEAM ‘Very Good’ certification for sustainable construction.
The asset was acquired by SFL from Siic de Paris in 2015 and put on the market in the third quarter of last year. It received interest from around 50 investors, followed by eight final bids. The disposal price represented 1.8x the amount spent by SFL through acquisition and capex.
The sale is part of roughly €400 mln of disposals completed by SFL’s parent group Colonial over the past few months as part of a plan to divest non-core assets. The disposals also included Wagram 112 in Paris CBD as well as Avenida Bruselas 38, a secondary asset to the north of Madrid. The sales were carried out at a 13% premium to gross asset value.
