URW finalises €790m Capital 8 office sale in Paris

European listed property giant Unibail-Rodamco-Westfield (URW) has completed the disposal of the Capital 8 office building, located in the central business district of Paris, to Invesco Real Estate for a net price of €789 mln.

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.

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, as well as green spaces. It is BREEAM certified.

BNP Paribas Real Estate advised on the deal.

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.

Also in Paris, URW is due to close the disposal shortly of Tour Ariane in Paris' business district of La Défense. The €465 mln office tower is being acquired by Singapore's sovereign wealth fund GIC, advised by Baumont Real Estate Capital (formerly Carval Investors). 

The 152-metre high tower was first built in 1975 and last renovated in 2007. Designed by architect Jean de Mailly, it provides over 64,500 m2 of gross lettable area over 35 floors.

BNP Paribas Real Estate acted as the advisor for URW.


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