Global real estate investment manager Invesco Real Estate has executed the largest single-asset deal in its European history with the acquisition of an office in Paris for €789 mln from Unibail-Rodamco-Westfield.
Capital 8, a 45,000 m2 modern office building situated on a 1-hectare site in Paris’s CBD, is fully let to 17 Grade A tenants. The final closing of the transaction is due to take place in Q4 2018.
'The acquisition of Capital 8 marks a milestone for Invesco Real Estate as the largest single European asset deal in our history,' said Andy Rofe, managing director, Europe at Invesco.
'Capital 8 fits our desire to acquire assets where we can create the environment that satisfies the changing needs of current and future occupiers. It is an iconic building with the flexibility to allow us to 'place make' - by shaping the micro-location through the asset’s size, dominant position and strong exposure in the heart of Paris’s 8th arrondissment.'
Renovated in 2016, the property covers 11 floors in four interlinked buildings with over 500 parking spaces across five underground levels. It includes a wellness and fitness centre, plus three restaurants and conference facilities, plus green spaces. It is BREEAM certified.
The deal comes as Unibail seeks to offload around €3 bn of properties in the wake of its Westfield takeover, to improve its financial position and focus on core assets.
Linklaters, Victoires Notaires Associés, Archers, PwC, Deloitte, Humakey and Artelia advised Invesco Real Estate.
Unibail was advised by BNP Paribas Real Estate and Jones Lang Lasalle, Maître François Thomé, SCP Ginisty & Associés and Lacourte Raquin Tatar.