Global real estate investment manager LaSalle Investment Management and private equity investment company Ardian have acquired an office in the Levallois business district of Paris from French media group Lagardère for an undisclosed sum.
The joint venture deal marks Ardian Real Estate's entry into France. The asset, dubbed Europa, is a 26,500 m2 eight-storey headquarters-style building located in an area to the west of Paris.
'Today marks our first real estate acquisition in France, having already completed numerous deals across Europe,' commented Stéphanie Bensimon, managing director of Ardian Real Estate. 'This asset meets all of the criteria which we look for in potential investments and we are delighted to complete this deal in partnership with LaSalle Investment Management.'
The building will be subject to a complete refurbishment after the departure of the Lagardère Group, with the aim of redeveloping it as a Grade A building.
'It was Europa’s strategic location and size - which is perfectly suited to large users - combined with the aging supply of office stock in the market which underpinned our belief in the building’s potential,' commented Karim Habra, head of France at LaSalle Investment Management. 'As such, we will continue to prioritise the refurbishment and development of such buildings located in established office markets in the Paris region.'
Crédit Agricole CIB and PBB Deutsche Pfandbriefbank provided financing for the deal.
The purchasers' advisors included Etude Allez & Associés, Dentons, Linklaters, PWC, Arsène-Taxand, Allen & Overy, JLL PDS, Watt & Ka and LMPR.
Etude Wargny Katz, Herbert Smith Freehills, Knight Frank and Cushman & Wakefield advised Lagardère.
