Europa Capital has acquired the Tour Vista high-rise office next to La Defense, from a fund managed by Pramerica Real Estate Investors.
The purchase is Europa Capital’s third acquisition for its latest pan-European investment fund, Europa Fund IV.
Tour Vista overlooks the River Seine in Puteaux, on the southern edge of La Defense. The 22-storey building has 15,800m2 of office space, originally constructed in 1973 and refurbished in 2007.
The building is 80% occupied and the principal tenants are Reed Exposition and Eurogroup Consulting.
The price has not been revealed, but Pramerica originally put the building on the market in 2011 at an asking price of €125m. The asset was bought for €119.8m in early 2007.
Europa was advised in the acquisition by Jones Lang LaSalle and Balzac REIM, which has been retained as asset manager. CBRE represented the seller.
Europa Capital partner and head of the Middle Europe region Nic Fox said: “This represents an opportunity to acquire a well-located modern office property offering an attractive combination of secure income and value-add potential in one of Europe’s principal office investment destinations. We will lease up the vacant space and enhance the building’s amenities by investing in a light refurbishment, while also enhancing the current environmental rating”.
