Amundi Real Estate, Crédit Agricole Assurances and Primonial REIM have confirmed the acquisition of Coeur Défense in Paris, the largest office complex in Europe.
The acknowledgement comes 10 days after PropertyEU Group revealed Lone Star had sold the asset for €1.8 bn, making it one the largest single-asset deals ever in Europe.
EuroProperty, PropertyEU's weekly publication, also revealed on 20 October that four banks had provided a €900 mln financing package for the transaction. The bank club underwriting the financing is believed to be BNP Paribas, ING, Natixis and Société Générale.
The investment transaction took the form of Amundi Real Estate, Crédit Agricole Assurances and Primonial REIM acquiring 100% of HOLD (Heart Of La Défense), the owner of Coeur Défense, from an affiliate of Lone Star Real Estate Fund III. The buyers did not reveal the investment volume.
The complex, located at La Défense business district in Paris, has more than 159,000 m2 of office space. Designed by architect Jean-Paul Viguier, the complex was completed in 2001 and includes 5 towers linked by an atrium. Two towers each comprise 40 floors of office space, with a surface area of 63,952 m2, while the other three each comprise nine floors of office space and retail outlets: the B1 Tower (4,102 m2), the B2 Tower (13,099 m2) and the B3 Tower (14,353 m2).
The complex houses a conference centre (an amphitheatre with a capacity of 270, 7 modular meeting facilities and 2 reception centres), several staff restaurants, a concierge and a fitness centre of 1,000 m2.
Symbolic deal
Jean-Jacques Duchamp, deputy CEO of Crédit Agricole Assurances commented: 'We are proud to announce the acquisition of Europe's largest commercial real estate complex, which offers today’s highest standards in construction. This complex leased to large French and international companies enjoys a unique location in the top European business district. The acquisition of Cœur Défense fits perfectly with our long-term investment strategy.'
Pedro Antonio Arias, director of Real and Alternative Assets at Amundi, said: 'This symbolic acquisition of ‘Coeur Défense’ is the largest in the French market this year. The asset is fully leased and enjoys excellent benefits in Europe’s top business district. Through this deal, Amundi Real Estate strengthens its position as a key player in the commercial real estate market.'
Laurent Fléchet, management board chairman of Primonial REIM added: 'This operation is symobolic, in terms of size, location and the quality of design. We are very pleased and proud to be part of this acquisition alongside Crédit Agricole Assurances and Amundi Real Estate.'
The purchasers were advised by White & Case, the law firm, Wargny Katz, the notary firm, Fidal, tax consultants, PwC, financial auditors and Nerco Ingénierie, technical auditors.
The seller was advised by Morgan Stanley, Rothschild, JLL, De Pardieu Brocas Maffei for the legal aspects and Franklin for fiscal aspects, Ernst & Young for financial, the Lasaygues notary office and by the auditor Artelia technique.
