Primonial REIM has come back to Paris’ La Défense financial district for the second time this year with the acquisition of the Le Lavoisier office scheme from Gecina.
Primonial REIM has come back to Paris’ La Défense financial district for the second time this year with the acquisition of the Le Lavoisier office scheme from Gecina.
Financial details were not disclosed.
The scheme, located at 4, Place des Vosges, provides 9,400 m2 of usable lettable area and is fully let to eight tenants including the International New York Times which occupies 31% of the space on a six-year lease. The asset will be added to one of the Primonial funds under management.
Primonial was advised by law firm 14 Pyramides, Ares and LBA Ingenierie. Gecina was advised by Oudot & Associés. BNP Paribas Real Estate acted as exclusive advisor on the deal.
Primonial REIM has been one of the most active buyers this year in France, having bought the flagship Tour Adria at La Défense financial district in Paris for €450 mln earlier this year, as well as the 23,000 m2 Okabé centre from Altarea Cogedim, and an office building in Paris for €165 mln.
‘We have a core/core-plus mandate to look for big-ticket acquisitions for a number of institutional clients with a long-term focus,' board chairman Laurent Fléchet recently told PropertyEU.
In total, Primonial raised between €400 and €500 mln on behalf of its OPCI investment funds for institutional investors, giving it spending power of €700 mln including leverage of around 35%. Another €350 mln to €400 mln was raised for the group’s SCPI vehicles for retail clients, giving the company the largest slice of inflows in the sector.
By year-end 2013, the company hopes to have some €3 bn of assets under its belt, including €1.3 bn for its SCPI and €1.7 bn for its OPCI funds.
