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€161 million for Paris’ Tour Blanche

KUALA LUMPUR: The Tour Blanche building in Paris La Défense was acquired by Plaza Global Real Estate Partners (Plaza Global) for some €161 million (RM668.79 million) from a fund advised by Perella Weinberg Real Estate in late October.

Plaza Global is a joint venture between LaSalle Investment Management and Quantum Global Real Estate. The acquisition is one of LaSalle’s largest deals in continental Europe and its fourth on behalf of Plaza Global.

“Tour Blanche is an exceptional asset in an established and liquid market with strong growth potential for a long-term investor such as Plaza Global. It is well located within a five-minute walk of the main transport hub and offers high-quality green office space after a full refurbishment. Tour Blanche’s appeal is reflected in the successful letting to Électricité Réseau Distribution France (ERDF) on a strong covenant, which will ensure a secured long-term income stream,” said chief executive officer of LaSalle (Europe) Simon Marrison in a press statement recently.

The 27-storey Tour Blanche building offers 25,783 sq m of Grade A office accommodation and 124 car park lots. It had undergone a €41 million refurbishment that was completed in March 2014. The building is fully let to ERDF as its headquarters on a new nine-year lease. ERDF is a subsidiary of the national electricity provider EDF.

La Defense, Europe’s largest purpose-built district, is home to over 1,500 corporate head offices, the highest concentration in Europe, including 15 of the top 50 companies in the world.

The district comprises over 3.3 million sq m of office space and boasts some of France’s tallest towers. The district also has over 180,000 employees with 15 million travellers passing through the main transport hub, La Defense Grande Arche Station, each year.

 

This article first appeared in The Edge Financial Daily, on November 14, 2014.

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