French asset manager La Française Real Estate Partners has acquired an 11,500 m2 mixed-use complex in the 16th arrondissement of Paris on behalf of a major French institutional client.
French asset manager La Française Real Estate Partners has acquired an 11,500 m2 mixed-use complex in the 16th arrondissement of Paris on behalf of a major French institutional client.
Spanish lender Banco Sabadell sold the repossessed asset through Solvia, a subsidiary of the bank and asset manager responsible for the real estate division.
Financial details were not disclosed. However, the asset is believed to have a face value of around €130 mln.
Sabadell bought the asset in March 2006 for its BS Inmobiliario, FII fund for €75 mln and carried out a comprehensive redevelopment over the past five years.
Located at 67-69 Victor Hugo, the Haussmannian-style building provides 15,580 m2 of retail, office and residential space.
The purchaser was advised by Wargny Katz on the notarial aspects, Fidal on legal and tax aspects, Artélia on the technical and energy audit, and Burgeap on the environmental audit.
Banco Sabadell was advised by Allez & Associés on the notarial aspects, Allen & Overy on legal and JLL (Residential unit of the Investment Department) for the transaction.
