GE Capital RE sells EUR 75m Austerlitz 2000

GE Capital Real Estate has sold the Austerlitz 2000 office building in the 13th arrondissement of Paris to the US opportunistic real estate group CarVal Investors. Although the financial details were not disclosed, market experts say that the transaction price amounted to around EUR 75 mln.

Located at the newly-developed district of Paris Rive Gauche, the property was developed in the 1970s and offers opportunities for active asset management. It provides around 23,500 m² of office space and is mostly let to the French public buildings body EPA Jussieu. GE Capital Real Estate was advised by Cushman & Wakefield while DTZ Asset Management acted for CarVal Investors.

Also in April, CarVal Investors, in partnership with real estate company Emerige, has sold the Carré Plaza mixed-use building in Bobigny to Cardif Assurance Vie, part of BNP Insurance Group, for an undisclosed amount. Designed by architect Vigneron, the multi-let property offers nearly 17,000 m² of space of which 14,000 m² of office accomodation and the rest being retail space. The seller was advised by Catella Property.

Last year Emerige and CarVal, through CBRE and Keops, leased out Carré Plaza just before completion in mid-2009.