Insurance giant Swiss Life is in pole position to buy a planned office building in Paris, France, for potentially more than €1 bn.
The core investor has emerged as the preferred buyer of the asset comprising 120,000 m2, located in La Garenne-Colombes, in the La Défense area of the capital city.
It is being developed by French energy company, Engie, and will serve as its headquarters upon completion in 2022-2023.
The asset will be at the heart of an environmentally friendly eco-district, also featuring homes, a hotel and retail outlets.
French property company Nexity Immobilier is a co-developer in the project.
Europroperty reported that Swiss Life has been selected as the buyer by Engie after it appointed CBRE and JLL to market the campus as a sale-and-leaseback opportunity.
If Swiss Life does acquire the property, it will be the firm’s second major transaction in Paris this year. It acquired a portfolio of 28 assets located near to the city's central business district for around €700 mln earlier in 2019.
