GE RE enters partnership for office complex at Paris-Charles de Gaulle

Aéroports de Paris (AdP) and GE Capital Real Estate France, through its subsidiary Fonciere Ariane, have signed a partnership agreement in relation to the Continental Square office complex project at Paris-Charles de Gaulle Airport.

GE Capital RE France will transfer ownership of the building to Roissy Continental Square, which will be 60%-controlled by Aéroports de Paris and 40%-owned by Fonciere Ariane. The financial details of the transaction were not disclosed.

The agreement also envisages the potential development of another office complex on the site, depending on market trends and following a feasibility study, the two partners said. Continental Square, offering some 50,000 m² of commercial space, will first be managed by GE Capital Real Estate and then by Aéroports de Paris. The complex consists of eight office buildings which are currently occupied by 30 tenants and generate an annual rent of EUR 11 mln. The scheme has an occupancy rate of 92% at present.

'The conclusion of this agreement with AdP shows our will to move towards partnerships and towards assets management on behalf of third parties. We will be concentrating our efforts on this business line in the coming months,' said François Trash, president of GE Capital Real Estate France.

AdP was advised by law firms Etude Thibierge, Darrois Villey and Jones Lang Lasalle. GE Capital Real Estate France was advised by law firms Etude Lasaygues and Ashurst. Calyon and Crédit Foncier, in charge of financing, were advised by Etude Wargny-Katz Gide Loyrette Nouel. Asset appraisal was carried out by Catella Valuation Advisors.