AXA Investments has exchanged contracts on the purchase of Tour First, the tallest building in France.
AXA’s real assets division paid around €400m (£304m) to Beacon Capital Partners for the remaining 50% share in the Paris tower.
The 231m building in La Défense totals 863,000 sq ft over 44 floors.
It is currently 83% let and was the subject of extensive refurbishment between 2007 and 2011.
AXA bought Tour First on behalf of a club of investors managed by AXA IM – Real Assets and Assurances du Crédit Mutuel.
AXA IM – Real Assets was advised by De Pardieu Brocas Maffei, Etude Cheuvreux, Deloitte and Egis. Beacon Capital Partners was advised by Linklaters, Etude Wargny Katz, Cairn, Taj, Debevoise and EY.
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