Hines and Korean club swoop on CBX tower for €450m

International real estate group Hines has acquired the CBX building in Paris-La Défense from Tishman Speyer for €450 mln on behalf of South Korean investors.

The purchase was made through its asset management company Hines SGP, in a club deal with Hana Financial Investment and Daishin Securities, represented by Vestas Investment Management.

'This is a remarkable acquisition that marks the beginning of a close collaboration with our partner Vestas Investment Management,' said Xavier Musseau, president of Hines SGP.

'It clearly demonstrates our desire to consolidate our strategic position in Paris-La Défense – with the acquisition of Window in 2018 and the construction of the Saint-Gobain and Hekla Towers underway,' Musseau added.

Tishman Speyer constructed Tour CBX in 2005, selling it to European banking group Dexia on completion for around €300 mln.

However, the Franco-Belgian bank went bankrupt in 2011 during the European sovereign debt crisis, and was bailed out by the Belgian state.

In 2016, Dexia sold the 43,000 m2, 32-storey tower back to Tishman in a sale and leaseback deal, for a reported €350 mln. Today the tower is fully occupied, following renovation in 2017.

The transaction marks the first deal struck by Hines SGP, which was established in December 2018 and is authorised by the French financial markets regulator, Autorité des Marchés Financiers.

The deal brings Hines' French real estate portfolio to over €3.2 bn.

PropertyEU's sister publication EuroProperty tipped the transaction in April of this year.

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