French advertising group Havas has signed a preliminary agreement to acquire the Madone tower in the Parisian suburb of Puteaux, for about EUR 152 mln. The complex is owned by UBS Global Asset Management's Real Estate KAG unit. Completion of the deal is expected for November.
French advertising group Havas has signed a preliminary agreement to acquire the Madone tower in the Parisian suburb of Puteaux, for about EUR 152 mln. The complex is owned by UBS Global Asset Management's Real Estate KAG unit. Completion of the deal is expected for November.
Havas plans to bring together its Havas Media and Euro RSCG activities in the complex, which includes 23,000 m2 of office accommodation and will become the group's new French headquarters.
The transaction would allow the company to save roughly EUR 20 mln per annum on rental expenses. Havas had initially signed a lease agreement on the asset starting in November this year and running through April 2030.
