Hines , the US privately held developer-investor, has joined forces with an unnamed institutional partner to acquire the ex-Libris office building in Courbevoie near Paris for an undisclosed amount.
Hines , the US privately held developer-investor, has joined forces with an unnamed institutional partner to acquire the ex-Libris office building in Courbevoie near Paris for an undisclosed amount.
The 40,000-m2 high-rise building is fully leased to Crédit Agricole Corporate and Investment Bank (CACIB) until December 2016.
Hines France plans to fully renovate the asset after CABIC leaves to bring the asset back up to market standards in terms of technical and environmental performance, as well as tenant services. Hines France will provide asset management of the property throughout the repositioning.
This transaction - the first European acquisition made by this particular joint venture - brings the total volume of acquisitions Hines France has carried out this year to €600 mln.
'Our involvement in the Ex-Libris marks an important achievement for our investment management business and brings a great year of 2015 to a close for our team. This transaction delivers on our commitment to be involved with this type of asset and thereby pass on to clients Hines France’s extensive expertise in asset restructuring, high-rise buildings and marketing,' said Xavier Musseau, managing director of investment management of Hines France.
Hines France was advised by law firms Lacourte Raquin Tatar, PwC, notary firm Lasaygues & Associés, Orrick Rambaud Martel and Builders & Partners.
