Global real estate investment manager Invesco Real Estate in a joint venture with RedTree Capital has bought high-rise office property Tour Cèdre in Paris La Défense from Deka Immobilien.
Financial details were not revealed.
The property, which was built in 1998 and renovated in 2007, comprises around 29,000 m2 of leasable space and 430 parking spaces. It is fully let to Electricité de France (EDF).
'Tour Cédre offers an exciting opportunity for Invesco to acquire a mid-sized tower and in a location which is seeing increasing demand. We are also delighted to announce our co-investment partnership with RedTree Capital who will be working alongside our experienced on-the-ground asset management team in Paris to deliver value creation opportunities during the hold period of this actively managed asset,' said Cristiano Stampa, senior director - transactions at Invesco.
'This transaction represents a major milestone for RedTree Capital; it is our first deal in La Défense. This project gives our two companies an exciting opportunity for joint active management of a prestigious property,' said Eric Sasson, co-founder of RedTree Capital, an independent fund manager.
According to Deka, its open-ended real estate fund WestInvest InterSelect divested the asset to further reduce the age of its property portfolio and reduce future profitability risks. Deka said that after a successful holding period of around 13 years, the sale of the property gives the fund freedom to make new investments in the core segment.
