Allianz Real Estate has acquired two prime office buildings which form part of the landmark office complex Citylights in the Paris region. This off-market transaction of approximately EUR 500 million represents the largest office transaction that Allianz Real Estate has closed in Europe.
Citylights is located in Boulogne-Billancourt ,one of the best-established office markets in the Western Business District of Paris, and comprises three towers. Allianz has acquired the 23-storey City 1 and the nine-storey City 3, providing a total gross lettable area of 48,500 sqm and representing approximately 60% of the entire development.
Formerly known as the Pont de Sèvres Towers, the complex was built in 1978 before being redeveloped and refurbished in 2014 and 2015 by the internationally awarded architect Dominique Perrault.
“The acquisition of Citylights constitutes a further milestone in our global investment strategy. It is a one-of-a-kind office asset in a strong market that offers its tenants top quality in terms of architecture, design, amenities, sustainability and user experience. We are convinced that, by offering superior quality and services to the users of our buildings, we will secure our ongoing success,” said Alexander Gebauer, Chief Executive Officer for West Europe, Allianz Real Estate. “As long-term investors, we look to maintain our market leading position by adding outstanding assets like Citylights, but also by continuously upgrading our existing office portfolio through our Building Signature Program. The aim of this programme is to ensure our assets meet the highest standards in terms of innovation, digitalization and connectivity as well as social and environmental impact.”
“Paris and specifically the Grand Paris continues to be very attractive within the broader Allianz Real Estate strategy, which is why we have increased the portfolio in France with this significant acquisition,” said Sébastien Chemouny, Head of France, Allianz Real Estate. “More broadly, core assets provide attractive long-term returns and we plan to further expand our portfolio with sustainable high-quality buildings like Citylights, in strong, resilient and liquid markets like in Boulogne.”
In December 2019, the firm had acquired two large develop-to-core office developments in Saint-Ouen, strategically located in the gateway to Paris.