Singapore's sovereign wealth fund GIC has agreed to acquire Tour Ariane in Paris' business district of La Défense from Unibail-Rodamco-Westfield for a net price of €465 mln.
The deal, which represents a premium to the latest book value for the asset, is expected to close by year-end.
The 152-metre high tower was first built in 1975 and last renovated in 2007. Designed by architect Jean de Mailly, it provides over 64,500 m2 of gross lettable area over 35 floors.
URW said that the transaction is part of its €3 bn European disposal programme to be executed over the next years. More than 55% of this programme has already been agreed or completed since June 30, 2018, the company said in a statement.
GIC's preliminary agreement comes on the same day as the closing of another Paris landmark. On Tuesday, the Singaporean fund finalised the sale of Paris’ largest and most historic hotel, the Westin Paris-Vendôme to Henderson Park for €550 mln.
Henderson Park has secured a senior financing package from CACIB for the acquisition, which was first announced in December last year. The buyer also confirmed that Marriott International will continue to operate the 428-room asset under the Westin brand.
The Westin Paris-Vendôme occupies a large island site across a full city square block in Paris’ 1st arrondissement, one of the city’s most prestigious areas. The 28,000 m2 Haussmanian landmark was built in 1878 and opened as the Hotel Continental, then the most luxurious hotel in the French capital.
In addition to the Westin Paris-Vendôme, Henderson Park also owns the largest hotel in Paris, Le Méridien Étoile, which it acquired in November 2016.
