US group Principal Real Estate Europe has announced the acquisition of Henkel’s French headquarters building near Paris from a fund managed by Primonial REIM.
Financial details were not disclosed.
The nine-storey building was bought on behalf of the Principal European Office Fund. It offers 8,110 m2 of lettable area, of which 7,600 m2 is let on a long-term lease to Henkel, the international chemical and consumer goods company, which was the building’s first occupier in 1994. In addition to the office space, there are 500 m2 of restaurant space on the ground floor and 193 car parking spaces.
Built in 1992, the building is located in Boulogne-Billancourt, a suburb southwest of Paris.
'This is an office building with potential, let to a blue-chip tenant on a long-term lease and located in a promising suburb of Paris that is set to benefit from a large state-backed infrastructure investment project,' said Guillaume Masset, head of transactions and asset management in Europe. 'It is exactly the sort of core asset we are targeting for the Principal European Office fund, providing stable income and potential capital value appreciation over the long-term.'
Ernst & Young, KL Gates, Duhamel Blimbaum AARPI undertook the structuring of the transaction for Principal Real Estate Europe. Law firm Orrick Rambaud Martel was responsible for legal aspects and CBRE for technical due diligence. C&C Notaires advised Principal Real Estate Europe.
