Deka Immobilien has acquired the Sainte Cécile, an office property in Paris from the real estate fund Encore + managed by LaSalle Investment Management for €165 million.
The asset was acquired in March 2020 on behalf of LaSalle’s pan-European open-ended fund, Encore+, as part of a sale-and-leaseback transaction with BNP Paribas that also included the [adjoining] landmark office building “Bergère”.
The property is to be added to the portfolio of the WestInvest ImmoValue open-ended real estate fund designed for institutional investors, says Deka Immobilien in a statement.
The “Sainte Cécile” property was revitalized in 2004 to a multifunctional, modern office building with a rentable area of around 9,400 square meters and 109 parking spaces as well as a spacious inner courtyard. It was created by merging three formerly independent neighboring buildings from the 20th century.
The representative office building is fully let to the renowned BNP Paribas bank. It is located in the lively business district of the 9th arrondissement in the immediate vicinity of the historic central business district of Paris between the opera and the stock exchange and has good transport links.
With this purchase, the portfolio of WestInvest ImmoValue is expanded to include a high-quality office building in a very good city center location in Paris.
”We are very pleased to have completed the sale of Sainte-Cécile, which was the final stage of our wider “Bergère and Sainte-Cécile” acquisition strategy. The resilience of the location and the rental income of Bergère, in addition to the returns from the sale of Sainte-Cécile, represent a very positive contribution to the performance of the Encore+ fund for our investors,” said David Ironside, Fund Manager for Encore+ at LaSalle.