French asset manager Primonial REIM has emerged as the buyer of the Noda office building in Issy-les-Moulineaux near Paris in a club deal worth €208 mln.
French asset manager Primonial REIM has emerged as the buyer of the Noda office building in Issy-les-Moulineaux near Paris in a club deal worth €208 mln.
The asset was sold by Dutch listed property company Wereldhave, which bought it at end-2011 on a turnkey basis from developer BNP Paribas for €138 mln.
Designed by architect Jean-Paul Viguier, the scheme was delivered in 2014 and boasts a BREEAM ‘Outstanding’ environmental rating. It is located on the Seine river bank in the southwestern Parisian suburb of Issy-Les-Moulineaux and provides 20,800 m2 of usable space. It is let to Coca-Cola and Klee Data System.
Wereldhave said the net sales price of €185 mln represents a 5.1% premium to the book value of the asset at year-end 2014, when the building was transferred from the development portfolio to investments.
On a net basis, this is €39 mln above the development costs (including the fit-out contribution to tenant Coca-Cola). It represents a running exit yield of 2.9% (if fully rented at market conditions of 4.5%), Wereldhave added.
Constructa AM brokered the transaction. Primonial REIM was advised by 14 Pyramides, law firm Fairway and Orfeo. Wereldhave was advised by law firm Allez&Associés.
