LaSalle and Quantum acquire La Defense tower for €161m

Global investment manager LaSalle and Swiss-based Quantum Global Real Estate have acquired Tour Blanche in Paris La Defense for €161 mln.

The acquisition of the 27-storey office tower is one of LaSalle's largest deals in continental Europe and its fourth on behalf of Plaza Global Real Estate Partners fund. The vendor was a fund advised by Perella Weinberg Real Estate.

German lender Helaba provided €95 mln to finance the acquisition. The German real estate lender acted as arranger, sole lender and hedging provider.

Tour Blanche comprises 25,780 m2 of Grade A office accommodation, with 124 car park spaces. It was previously known as AIG-Chartis and was one of the first buildings to be erected at the La Défense complex in 1967. Following a comprehensive €41 mln refurbishment that was completed in March 2014,
the tower has been fully let to ERDF, a subsidiary of French national electricity provider EDF, on a new nine-year lease.

The pre-leasing to ERDF in 2013 for its headquarters operation, almost one year before delivery and the first pre-leasing of an entire building in La Defense since 2008, 'demonstrates the high quality and central location of the building', according to LaSalle and Quantum.

Tour Blanche has been awarded HQE energy and environmnental certification.

La Defense is Europe's largest purpose-built business district with over 3.3 million m2 of office space and boasts some of France’s tallest towers. It is home to over 1,500 corporate head offices, the highest concentration in Europe, including 15 of the top 50 companies in the world. Over 180,000 employees work in the area with 15 million travellers passing through the main transport hub, La Defense Grande Arche Station, each year.

Simon Marrison, LaSalle's CEO for Europe, said: 'Tour Blanche is an exceptional asset in an established and liquid market with strong growth potential for a long-term investor such as Plaza. It is well-located within a five-minute walk of the main transport hub and offers high quality green office space following a full refurbishment. Tour Blanche’s appeal is reflected in the successful letting to ERDF on a strong covenant, which will ensure a long-term secured income stream.'