French private equity firm LBO France has completed the acquisition of West Park, a 20,000 m2 office building located next to the RER commuter train station in Nanterre, near Paris.
French private equity firm LBO France has completed the acquisition of West Park, a 20,000 m2 office building located next to the RER commuter train station in Nanterre, near Paris.
The deal is being financed with senior debt from Natixis and mezzanine from LFPI Dettes Immobilières 1. The investment volume was not disclosed.
The building was vacated by power company EDF in 2014 and will be entirely restructured to obtain an environmentally sustainable certificate from HQE, BREEAM and BBC.
LBO said the building permit is already in place, with delivery planned for October 2017. The company has hired Sodearif, a subsidiary of Bouygues Bâtiment Ile-de-France, to manage the redevelopment project.
'With this 4th acquisition within 18 months, located in a recognized business district, we position ourselves on the rental cycle rebound, in an anticipated environment of few new office spaces available, while two thirds of the rental demand of large spaces in the Paris region (Ile-de-France) focus on new or restructured buildings,' said Stéphanie Casciola, head of real estate at LBO France.
LBO France was advised by law firms Etude Monassier & Associés, Wragge Lawrence Graham & Co and ROM for the technical part.
The vendor, represented by Centuria Capital and Savills, was advised by Etude Lembo, Garnier, Bouthier & Dubée, EY in relation to accounting, Allen & Overy on taxation and Baker & Mc Kenzie for legal issues.
