Invesco Real Estate (Invesco) has agreed to sell a prime office asset in Paris to La Française Real Estate Managers on behalf of one of its clients.
The c11,100 sqm prime office asset in Paris is located at 173 Boulevard Haussmann (Paris 8th arrondissment) in the central business district, 400m from the Place de l’Etoile and the Champs-Elysées. Acquired by Invesco in 2015, it is let to Lazard, a leading investment bank, on a 12-year lease. The asset offers tenants panoramic views over the rooftops of Paris and the Eiffel Tower.
“The exceptional quality and the great location of 173 Boulevard Haussmann means it will continue to develop in prominence over the coming years. The achieved sales price reflects this quality and momentum, as well as the strength of the Paris market, despite the effects of COVID-19 still being felt in France and across Europe,” said Cristiano Stampa, Managing Director – Transactions.
“173 Boulevard Haussmann epitomises Invesco’s approach to its manage-to-core programme. Delivering best-in-class, core assets with strong ESG credentials to our wider portfolio, through the de-risked upgrading of buildings and in return, producing alpha performance along the way. The award-winning development was pre-leased to an institutional grade covenant for 12 years, setting a new benchmark for Paris rents at the time. After five years, and following the approach, we have chosen to redeploy capital, as ever focussed on forward performance and the right balance of risk adjusted returns for our investors,” added Jonathan Pierce, Senior Director – Fund Management at Invesco.