A number of prime assets have come to the market in Paris.
BNP Paribas is selling a prime property in the centre of Paris. The building, at 5 Avenue Kléber, is near the Arc de Triomphe and is occupied by BNP Paribas’ asset management arm. Atisreal is advising on the sale.
The recently refurbished 25,000 m2 property could sell for as much as €260m, says a source. BNP Paribas has the building in its books for €80m.
The sale will probably incur a heavy capital gains tax bill. But selling to a French REIT would be a tax-efficient solution.
In the same street, the Majestic hotel was recently sold for €456m by Qatari government-backed fund Barwa.
Elsewhere, Hammerson has put a prime modern office block on the market in the south of Paris.
The 10,000 m2 asset, at 148 Rue de l’Université, is valued at €200m, according to a source. DTZ and JLL are advising on the sale.
