South Korean real estate investment trust JR AMC has acquired an office building in Paris, Le Cristalia, for $194 million(220billion won) on behalf of Hana Financial Investment Co. Ltd from Tishman Speyer, a US real estate investment firm, according to Korean media reports.
Le Cristalia is a freehold office building located in the heart of Rueil-Malmaison, an established submarket of the western district of Paris. There are local headquarters of global companies in the region such as Peugeot Citroen Group, Unilever, Total, Danone, and Kia Motors.
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Designed by Jean-Paul Viguier and built by Bouygues, Le Cristalia consists of three interlinked sections laid out in a bow curve, offering excellent internal flexibility. Le Cristalia has a total rentable area of 217,670 square feet spread over seven above-ground levels and 651 parking spaces.
The Grade A specifications of the building include large, flexible floor plates measuring approximately 32,292 square feet, with 9 feet of free height and 59 feet of depth. Le Cristalia is entirely leased to Bristol-Myers Squibb, a leading worldwide biopharmaceutical company.
JR AMC expects an annual return of 8.5% to investor.
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