Invesco Real Estate has confirmed the purchase of the Canal+ headquarters in the western Paris suburb of Boulogne-Billancourt on behalf of an unnamed Asian fund, as tipped by PropertyEU earlier this week.
Invesco Real Estate has confirmed the purchase of the Canal+ headquarters in the western Paris suburb of Boulogne-Billancourt on behalf of an unnamed Asian fund, as tipped by PropertyEU earlier this week.
PropertyEU reported on Monday that Malaysia's Employees' Provident Fund (EPF) has made a comeback to the French property market with the acquisition of the 29,000 m2 Espace Lumière office building.
Financial details were not disclosed. However, PropertyEU understands the asset was sold for €220 mln.
EPF, which manages €150 bn in assets, is understood to have closed the deal last Friday through asset manager Invesco Real Estate.
The asset houses the headquarters of Canal + at Quai Point du Jour.
AEW, on behalf of two institutional investors, hired JLL and BNP Paribas Real Estate last year to market the asset, a campus-style building built in 2000 and fully let to Canal+ with a remaining seven-year lease term.
EPF made its first foray into France last March with the acquisition of Tour Prisma, a grade A office tower in Paris' La Défense business district from Canada's Ivanhoé Cambridge.
The 23,150 m2 property is about 90%-let with tenants including French law firm Fidal, which in 2013 agreed to occupy over 13,000 m2. It also benefits from an average unexpired lease term of over eight years.
The transaction is the latest by Invesco Real Estate in France. In January, the asset manager sold an office building at 46 rue de la Boétie in the eighth arrondissement to Japanese group Mitsubishi Estate.
The deal, representing Mitsubishi's first direct investment in France, involves 2,400 m2 of office space multi-let to six firms, including Allianz Real Estate and The Financial Times.
Wargny Katz acted as notary. Invesco Real Estate was advised by Begon Herbert Brulon Bonneau Auger notary office, Arcadis EC Harris, Ciloger, Linklaters and Arsene.
Rory Morrison, senior director of fund management, commented: 'It is rare to find such a large and low density property coupled with modern architecture so close to Paris’ CBD in an attractive location next to the Seine.'
He added: 'With the addition of “Espace Lumière”, we have now been able to build up a diversified portfolio of €700 mln for our client since the beginning of 2014. We are assessing additional opportunities in Europe, focussed initially in France and Germany.'