In what is reckoned to be the biggest purchase ever made by a foreign investor in France, European American Mercantile have bought Les Mercurials, a twin-tower office complex which is situated at Porte de Bagnolet, on the eastern outskirts of Paris.
The price was not disclosed, but it has been reported to be around Fr350m, on a gross income currently about Fr50m pa.
Jones Lang Wootton, who acted for the vendors — ICI and National Westminster Bank Pension Funds — have been retained by EAM to lead a new leasing team.
Started in the mid-1970s by US developers Trammell Crow, the complex includes 65,000 m2 of air-conditioned offices, plus restaurant and retail space and parking for over 1,200 cars.
The building got off to a shaky start in the depressed Paris market of the mid-1970s and it took some years to let. Now, however, the building boasts over 60 tenants, including Chase Manhattan, Roneo Vickers, Ideal Standard and United Airlines.
EAM is a joint venture between the Dutch affiliate of Princeton Investments — the investment of the Lee family of London — and the French Development Corporation, who are controlled by Geneva-based Maurice Dabbah.
The new owners plan to further improve Les Mercurials through active management coupled with a refurbishment programme.
