The insurance arm of French financial services group Natixis is acquiring a 50% stake in the €500-600 mln Duo office scheme in Paris from developer-investor Ivanhoé Cambridge.
Located at the edge of the Rive Gauche project in the 13th arrondissement, the scheme consists of two towers: Duo 1 (180 metres) and Duo 2 (122 metres).
Together the towers, which respectively extend over 39 and 29 storeys, will provide 90,000 m2 of office space, a hotel and a skybar that looks out over Paris.
Canada's Ivanhoé Cambridge is the designer, investor and manager of the project, which is believed to involve an investment of €500-600 mln.
The price paid by Natixis Assurances for its 50% ownership was not disclosed. Ivanhoé Cambridge continues to manage the project on behalf of the partners.
The Natixis group agreed back in March this year to make Duo its headquarters after it is delivered in 2020.
Bill Tresham, president of Ivanhoé Cambridge, said: 'This agreement finalises a major new step in our partnership with Natixis. Duo, which is fully leased, exemplifies the development know-how that is a source of such pride for our teams.'
Ivanhoé Cambridge managed CA$56 bn (€38 bn) of real estate assets at end-2016. It is the real estate business of Canadian pension fund manager Caisse de dépôt et placement du Québec.
