Europa Capital and joint venture partner Balzac REIM have sold Sémaphore, a fully-let 12,000 m2 office building in Levallois-Perret, to the northwest of Paris, to a fund managed by Primonial REIM, for €142.5 mln.
The sale, which was made on behalf of Europa's value-add fund, Europa Fund V, follows the agreement of a nine-year lease for the entire eight-storey building with Doctolib, a French technology company. Doctolib will take occupation of the asset in January 2020.
Europa Capital and Balzac REIM acquired the property with vacant possession in 2017 and undertook a comprehensive refurbishment of the building. As a result, the building has been awarded HQE Renovation ‘Excellent’ and is targeting a BREEAM ‘Good’ rating.
Jonathan Mansie, who heads all acquisition activity for Europa Capital in France, commented: 'In a market characterised by strong institutional demand for well-let, high-quality core office assets, and having let the entirety of Sémaphore before the refurbishment works were completed, an approach was received from Primonial REIM culminating in a sufficiently attractive offer to pre-empt marketing of the investment. Securing this early sale ahead of business plan has helped to deliver strong returns for the fund’s investors.'
Europa Capital and Balzac REIM were advised by Le Breton George V and Mayer Brown. The purchaser was advised by Wargny Katz, LPA-CGR and CBRE.
