South Korean institutional investor Vestas Investment Management has emerged as the buyer of the So Ouest Plaza mixed-use scheme in north-west of Paris, for over €470 mln.
The redeveloped property comprises over 40,000 m2 GLA in the Levallois-Perret. The office-led asset was sold by developer Unibail-Rodamco to OPPCI Vestas French Real Estate, a fund backed by the South Korean firm and managed by BNP Paribas REIM France.
The deal was initially agreed in February 2017, 12 months after Unibail-Rodamco's sale of the So Ouest office building for over €330 mln to South Korean investor Samsung Life Insurance. Both assets are part of the urban redevelopment of the So Ouest district. Unibail-Rodamco retains ownership of the So Ouest shopping centre, which opened in October 2012.
'This acquisition illustrates our great ambition to accompany and advise international clients for large deals, in an even more complex real estate market,' said Barbara Knoflach, global head of investment management for BNP Paribas Real Estate.
So Ouest Plaza features 36,500 m2 of office space and an 8-room cinema theatre. The building is fully let to L'Oréal and Pathé with long-term lease contracts.
Vestas Investment Management and BNP Paribas REIM were advised by BNP Paribas Real Estate Transaction France. Furthermore, the buyer was advised by Wargny Katz and Clifford Chance, and the seller by Ginisty & Associés. DekaBank, La Banque Postale and Berlin Hyp financed the operation on behalf of the buyer.
