Luxembourg-based real estate investment partner REInvest Asset Management and BNP Paribas Cardif have sold the Front de Paris office complex to French real estate investment manager RedTree Capital, acting on behalf of its own discretionary fund and a consortium of investors.
Financial details were kept confidential.
The complex was held by two co-owners, Dereif Sicav-Fis (43.5% stake) and BNP Paribas Cardif (56.5% stake), through a French owners' association.
The property is located near the CBD in the suburb of Levallois-Perret and offers around 26,000 m2 of lettable space. The office complex consists of four buildings at 1-13, rue Anatole France, 2-12, rue Marius Aufan and 28-32, rue Jaques Ibert. The Louise Michel metro station and connections to the Boulevard Périphérique via Porte de Champerret are right beside the property.
‘Together with BNP Paribas Cardif, we have successfully managed Front de Paris for many years and we thank them very much for their long-standing cooperation. Following the refurbishment in 2012, it was now time to realise its growth in value and to pass the property on to good hands,’ said Hans Stuckart, managing director of REInvest.
REInvest and BNP Paribas Cardif were supported by CBRE, BNP Paribas Real Estate and the Wargny Katz notary office during the transaction.