Korea Investment & Securities has purchased a major office development in the western suburbs of Paris, the 42,200 m2 Novartis headquarters, from BNP Paribas Real Estate Property Development.
The transaction volume was not disclosed.
The purchase represents the first off-plan real estate deal in France for the South Korean investor, represented by Asset Managers L’Etoile Properties Services on the French side and Millinium in South Korea. This is also the first transaction BNP Paribas Real Estate Property Development has completed with a South Korean investor.
Back in March 2016 German investment manager Patrizia Immobilien exchanged contracts to acquire the Astro Tower in Brussels for €156 mln on behalf of a Korean consortium which reportedly included Korea Investment & Securities.
Work on the 8-floor BREEAM 'Excellent' scheme, which will house 2,800 workers on its completion in December 2018, commenced in May 2016. The property is located in the Rueil-sur-Seine business district, in Rueil-Malmaison, about 13km from the centre of Paris.
Thibierge & Associés public notary and Lacourte Raquin Tatar law firm advised BNP Paribas Real Estate.
1768 Notaires public notary and the law firms Baker & Mckenzie and PWC advised the investor.
