Ardian and LaSalle Investment Management have acquired the Paris-based Europa office building. The seller was French media group Lagardère. No financial terms were disclosed.
PARIS (June 28, 2017) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, and Ardian, the independent private equity investment company, have acquired the Europa building in Levallois, one of the major business districts in the West of Paris. This has been acquired from Lagardère, the French media group, as a joint venture on behalf of the two pan-European funds. This is the first acquisition made by Ardian Real Estate in France.
Europa is a striking office building with a 180 metre-long façade on a prime street in Levallois, and is located right by the metro station ‘Pont de Levallois’, making the centre of Paris easily accessible.
Built in 1993, Europa is a 26,500 sq m. eight-storey headquarters-style building, offering flexible floor plates of 2,700 sq m., underground parking, numerous in-house services, gardens and terraces.
The building will be subject to a complete refurbishment after the departure of the Lagardère Group, with the aim of redeveloping it as a Grade A building, in line with the highest international building standards.
Karim Habra, Head of France at LaSalle Investment Management, said: “We are delighted with this new renovation opportunity, which clearly illustrates our expertise in projects with high value creation potential. It was Europa’s strategic location and size which is perfectly suited to large users combined with the aging supply of office stock in the market which underpinned our belief in the building’s potential. As such, we will continue to prioritise the refurbishment and development of such buildings located in established office markets in the Paris region.”
Stéphanie Bensimon, Managing Director of Ardian Real Estate, added: “Today marks our first real estate acquisition in France, having already completed numerous deals across Europe. This asset meets all of the criteria which we look for in potential investments and we are delighted to complete this deal in partnership with LaSalle Investment Management. Real estate is one of the pillars of Ardian’s future growth plans, and an area where we can benefit from the many opportunities that arise as a result of our multi-local and long-term positioning.”
Investment manager/Purchaser: LaSalle Investment Management and Ardian
Purchaser’s advisors: Etude Allez & Associés, Dentons, Linklaters, PWC, Arsène-Taxand, Allen & Overy, JLL PDS, Watt & Ka and LMPR
Seller’s advisors: Etude Wargny Katz, Herbert Smith Freehills, Knight Frank and Cushman & Wakefield
Financing: Crédit Agricole CIB and PBB Deutsche Pfandbriefbank AG
Lender’s advisors: Etude Lasaygues et Associés, De Pardieu Brocas Maffei and CBRE
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers with approximately $58 billion of private and public equity and private debt investments under management (as of Q1 2017). LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Inc. (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
Ardian, founded in 1996 and led by Dominique Senequier, is an independent private investment company with assets of US$62bn managed or advised in Europe, North America and Asia. The company, which is majority- owned by its employees, keeps entrepreneurship at its heart and delivers investment performance to its global investors while fuelling growth in economies across the world. Ardian’s investment process embodies three values: excellence, loyalty and entrepreneurship. Ardian maintains a truly global network, with more than 450 employees working through twelve offices in Paris, London, Frankfurt, Milan, Madrid, Zurich, New York, San Francisco, Beijing, Singapore, Jersey, Luxembourg. The company offers its 580 investors a diversified choice of funds covering the full range of asset classes, including Ardian Funds of Funds (primary, early secondary and secondary), Ardian Private Debt, Ardian Buyout (including Ardian Mid Cap Buyout Europe & North America, Ardian Expansion, Ardian Growth and Ardian Co Investment), Ardian Infrastructure, Ardian Real Estate and Ardian Mandates. For more information please visit www.ardian.com