European privately held property group Redevco has announced the sale of L'Ellipse office building in the Paris business district of La Défense as part of its strategy to focus on retail.
European privately held property group Redevco has announced the sale of L'Ellipse office building in the Paris business district of La Défense as part of its strategy to focus on retail.
The buyer is Fiducial Real Estate group, which made the purchase through Escurial and plans to establish one of its subsidiaries in the complex. The transaction price came to EUR 24 mln.
The scheme provides 5,900 m2 of office space on nine floors and direct access to the business district esplanade. Part of the building is currently let to the Ecole Supérieure de l’Immobilier with a lease term expiring in the summer of 2014.
'The sale of this office building in La Défense, which was built by C&A France to serve as its historic headquarters from 1975 to 1999, symbolically represents a new chapter for Redevco as it shifts to focusing exclusively on retail real estate,' said Christophe Fleury, portfolio manager of Redevco France.
The investment transaction is being financed by HSBC Real Estate Leasing.
Redevco was advised in the transaction by Savills and the Ginisty civil-law notary office; the buyer was supported by CBRE and the civil-law notary offices of Roux and Thibierge.
