French asset manager La Française has announced the acquisition of Le Balthazar, an eight-story office building located in Saint Denis (93), on the outskirts of Paris, on behalf of its client, Hyundai Investment Asset Management and a group of Korean Securities companies.
AEW acted as seller on behalf of La Caisse des Dépôts and another prime institutional investor. Financial details were not disclosed.
Le Balthazar, situated on the Place des Droits de l’Homme in the Saint-Denis business district just north of Paris, was designed by US architect Richard Meier and delivered in 2009. It consists of two independent wings linked by a glass atrium, as well as 430 parking spaces on two underground levels. Le Balthazar is HQE-certified, the French standard for high-quality environmental buildings.
The 32,600 m2 property is 100%-let with major tenants including a major telecomm company which has just agreed a nine-year lease term.
It is the latest prime acquisition carried out by La Française on behalf of Korean investors seeking to diversify their real estate portfolios.
Patrice Genre, Chairman of La Française Real Estate Partners, commented, 'We are proud to have again served successfully our Korean clients and friends. Being accompanied by the right asset manager is key in executing such complex cross-border transaction for them.'
'La Française is gaining traction in the Asian market,' added Shawna Yang, director of Real Estate Investor Relations for Asia. 'Korean investors appreciate La Francaise’s ability to source quality products thanks to its experienced investment teams on the ground. With a seven year long track record and €1.5 bn invested across four countries in Europe, we have proven that we are able to source products that meet Korean investors’ expectations.'
La Francaise was advised by the Capital Markets department of Cushman & Wakefield, Ashurst on all legal aspects, Flusin, Miralles et Esteve on all notarial aspects, PwC on fiscal issues, Theop for the technical due-diligence and ERM for the environmental due-diligence.
The financing for the transaction was provided by the German Landesbank Helaba acting as lender and facility and security agent, which in turn was advised by Allez & Associés and Archers. AEW was advised by Clifford Chance, L’étude Thiberge, Fidal and Mazars.
