The Parlyo II investment fund, managed by Hardstone, has acquired the CB16 tower in the Parisian business district of La Défense. The property was sold by Aberdeen Immobilien KAG, acting on behalf of the frozen Degi Europa open-ended real estate fund.

The Parlyo II investment fund, managed by Hardstone, has acquired the CB16 tower in the Parisian business district of La Défense. The property was sold by Aberdeen Immobilien KAG, acting on behalf of the frozen Degi Europa open-ended real estate fund.

The fund was advised by Jones Day. Morgan Stanley, Aareal and Crédit Foncier de France are financing the transaction, which is 'close to the asset's latest appraised value of EUR 220 mln', according to Aberdeen Immobilien. The exact financial details were not disclosed. CBRE Capital Markets France advised Aberdeen as property adviser and Le Breton & Associates acted for the vendor as notary.

The CB16 tower offers over 28,000 m2 of office space as well as 151 parking spaces. The complex is entirely let to Rio Tinto and Logica.

Morgan Stanley, Aareal and Crédit Foncier de France were advised by De Pardieu Brocas Maffei while CMS Bureau Francis Lefebvre acted for Aberdeen.

Following the sale, Degi Europe has increased its liquidity from 4% to 33%, allowing the fund to re-open this month.