Société Foncière Lyonnaise has signed an agreement to acquire the Parisian headquarters of natural gas distribution company GrDF from Blackstone Real Estate Partners Europe III.
Société Foncière Lyonnaise has signed an agreement to acquire the Parisian headquarters of natural gas distribution company GrDF from Blackstone Real Estate Partners Europe III.
In a statement, SFL said it is spending €230 mln on the acquisition of the office building which provides around 25,000 m2 at the rue Condorcet in the 9th arrondissement of Paris.
The asset, located in the immediate vicinity of Gare du Nord, is fully leased to GrDF on a fixed term expiring in 2024.
The deal is expected to close during December 2014.
It is the first major acquisition to be carried out by SFL in months. The company, which owns a €4.1 bn portfolio of offices located largely in the central business district of Paris, recently divested its 30% stake in Siic de Paris for a price of €24.22 per share, representing a total sum of nearly €300 mln.
SFL is controlled by Spanish property group Colonial which holds a 53% interest. Other major investors include Bank Crédit Agricole with 14%, Qatar's sovereign wealth fund with a 7.25% stake and Dubai-based investment fund Dubai International Capital (DIC) with an 8.55% share.
