Europa Capital, the pan-European real estate investment manager, has sold Sémaphore, a fully let 12,000 sq m office property in Levallois-Perret, Greater Paris on behalf of its value add fund, Europa Fund V, to one of the funds of Primonial REIM, for €142.5 million.
Located in a sought after commercial and residential suburb on an individual island site on the banks of the River Seine, Sémaphore is situated in close proximity to the centre of Paris and La Défense with excellent public transport links.
Europa Capital acquired the office property in Paris with vacant possession in 2017, and having obtained revisions to an existing construction permit, undertook a comprehensive refurbishment of the building.
“In a market characterised by strong institutional demand for well-let, high-quality core office assets, and having let the entirety of Sémaphore before the refurbishment works were completed, an approach was received from Primonial REIM culminating in a sufficiently attractive offer to pre-empt marketing of the investment. Securing this early sale ahead of business plan has helped to deliver strong returns for the Fund’s investors,” said Jonathan Mansie, Director, who heads all acquisition activity for Europa Capital in France.