Ivanhoé Cambridge, a real estate subsidiary of the Caisse de dépôt et placement du Québec, has entered into an agreement to acquire the historical head office of car manufacturer PSA Peugeot Citroën in Paris for EUR 245 mln.
Ivanhoé Cambridge, a real estate subsidiary of the Caisse de dépôt et placement du Québec, has entered into an agreement to acquire the historical head office of car manufacturer PSA Peugeot Citroën in Paris for EUR 245 mln.
Located at 75 Avenue de la Grande Armée in Paris’ 16th arrondissement, the office building provides 34,000 m2 in the heart of Paris’ central business district. As part of the deal, it was fully leased back for nine years to PSA Peugeot Citroën.
''We are pursuing our strategic plan to acquire high-quality buildings in the best markets. Investment opportunities such as this one are quite rare these days,' said Bill Tresham, president, Global Investments, at Ivanhoé Cambridge.
According to the Canadian group, the scheme offers considerable value-creation due to the future arrival of new metro lines to service Porte Maillot.
'This acquisition is important because it gives Ivanhoé Cambridge a foothold in a very sought-after district,' said Méka Brunel, executive vice-president at Ivanhoé Cambridge Europe.
Ivanhoé Cambridge, through its subsidiaries, owns a portfolio of 14 office buildings and seven shopping centres in Europe. It also owns the T1 tower located in the La Défense district.
