Deka Immobilien has acquired the Areva head office at Rue Lafayette 33 in Paris from Canadian group Ivanhoe Cambridge.
Deka Immobilien has acquired the Areva head office at Rue Lafayette 33 in Paris from Canadian group Ivanhoe Cambridge.
Financial details were not disclosed but the asset is believed to be valued at some €200 mln.
The office building, known as La Fayette, will be added to the portfolio of the Deka-Immobilien Europa open-ended fund.
The complex is located between the second and ninth district of Paris and provides a total of 28,500 m2 of space which was completely renovated in 2005. It consists of seven buildings settled around a courtyard. French energy group Areva is the main tenant occupying 27,400 m2 of space. The remaining 1,300 m2 is for residential use and is divided in 23 apartments.
Deka said the purchase is in line with its strategy to invest in quality properties in premium European locations. Last month, the German fund manager acquired a 4,000 m2 office and retail complex in Barcelona for around €19 mln. The vendor was a private family office.
The transaction comes shortly after Ivanhoe Cambridge's sale earlier this month of Tour Pacific, a 53,000-m2 office building in Paris' financial district La Défense.
The 25-storey Pacific Tower, located in Puteaux, is 70% occupied by Société Générale but the French bank is due to relocate to a new office in 2015 at the latest. Delivered in 1992, the scheme reaches a height of 84 metres and provides 11,800 m2 of offices.
US-based developer-investor Tishman Speyer is believed to have paid some €215 mln for the asset, which was put up for sale through Jones Lang LaSalle and Catella together with the Areva and the Vivendi headquarters.
Ivanhoe Cambridge, part of Caisse des dépôts du Québec, has already sold the 10,500 m2 headquarters of Vivendi in the eighth arrondissement of Paris to insurer Crédit Mutuel for an undisclosed amount.
