Pan-European real estate investment manager Europa Capital and Balzac REIM have sold an office building in Paris's Sursnes district to an international business school.
The property at 5 Quai Marcel Dassault was acquired by the joint venture in 2016, when it was occupied by Airbus Group. After the aerospace company decided to move out of the building as part of its restructuring programme, the owners agreed a short-term lease extension with Airbus until October 2018 while negotiating an off-market deal with Skema Business School.
The purchase price was not disclosed.
The JV partners also undertook a comprehensive refurbishment of the property's reception and staff restaurant areas and leased almost all of the vacant office space on purchase.
Skema Business School, which has three campuses in France and another four internationally, plans to establish its new Grand Paris Campus on the site, which comprises 14,000 m2 of office space over five floors on the banks of the River Seine.
Jonathan Mansie, head of acquisitions in France at Europa Capital, said: 'Our acquisition in joint venture with Balzac REIM in 2016 was predicated on strong real estate fundamentals, including the high-quality and flexible nature of the building and its attractive and prominent location within easy reach of La Defénse and central Paris.
'These qualities were also key factors for SKEMA in choosing 5 Quai Marcel Dassault for their new campus after a lengthy search, and we are delighted to have completed this transaction with them, adding value for our investors in the process.'
Europa Capital and Balzac REIM were advised on the sale by Mayer Brown and Le Breton George V Notaires.
