LaSalle Investment Management has bought an office complex in the Montparnasse business district in Paris on behalf of ADIA, the Abu Dhabi Investment Authority, PropertyEU has learned.
LaSalle Investment Management has bought an office complex in the Montparnasse business district in Paris on behalf of ADIA, the Abu Dhabi Investment Authority, PropertyEU has learned.
The price, which well-informed sources put at EUR 240 mln, is believed to represent an initial yield of around 7%.
It is understood that the vendor is French bank Credit Agricole which is currently the main tenant of the 40,000 m2 office building. Following the sale, the building will largely be occupied by Amundi, the French investment company. Amundi will bring its various Paris units together at the new headquarters including Amundi Real Estate, the company created in early 2011 from the merger of the asset management arms of Credit Agricole and Credit SociétéGénérale. It will lease the building for a nine-year term.
LaSalle Investment Management is believed to have sealed the deal in an off-market transaction and sources described it as 'a very attractive' price for the purchaser.
The company has $48 bn (EUR 36.9 bn) worth of assets under management worldwide and roughly EUR 13 bn in Europe including the UK.
