Tishman Speyer has bought Paris’ Lumière office building, in a deal representing the largest single building transaction in the French capital this year.
Terms of the transaction with Blackstone were not disclosed.
The 1.3m sq ft building, located in Paris’ 12th arrondissement, includes 97,000 sq ft of retail and 226,000 sq ft of warehousing.
Tenants include SNCF, Crédit Foncier, ING and Société Générale.
Lumière is Tishman Speyer’s fourth acquisition in Paris since December, 2005 and follows the recent sale of CBX Tower to Dexia Crédit Local and the acquisition of CityPoint in London last month.
Eric Adler, Managing Director and Head of European Acquisitions for Tishman Speyer said: “We are excited by this acquisition as it offers a secure tenancy but also the opportunity for substantial improvement and growth.”
“Despite the volume of competitive capital we have been able to maintain a reasonable deal flow and feel positive about certain markets in Europe.
“In the last year we made 10 new acquisitions in Europe involving over €3.5bn (£2.4bn) of assets.”
The investment is the seventh made through Tishman Speyer’s European Strategic Office Fund, which controls assets exceeding €1.8bn (£1.23bn).
Blackstone was advised by Freshfields; Tishman Speyer was advised by Wargny Katz, Clifford Chance and Baker McKenzie.
Morgan Stanley structured equity and debt financing for Tishman Speyer and acted as financial advisor for the acquisition.
References: EGi News 15/02/06
