Ardian and LaSalle Investment Management have sold the West Bridge building in Lavallois, France. The building has been sold to a joint venture formed by Amundi Immobilier, la Française Real Estate Partners and the Caisse d’assurance vieillesse des pharmaciens. No financial terms were disclosed.
Paris, October 22, 2019 – Ardian, a world leading private investment house and LaSalle Investment Management (“LaSalle”), one of the world’s leading real estate investment managers, announce today the sale of their participation in the West Bridge building to a joint venture formed by Amundi Immobilier, la Française Real Estate Partners and the Caisse d’assurance vieillesse des pharmaciens.
Acquired in 2017, West Bridge is an iconic office building located at 145-149 rue Anatole France in Levallois-Perret, France. The 28,000 m2 building is undergoing a major renovation program led by Baumschlager Eberle Architecture. The complete refurbishment aims to reposition it as a grade A building. The building, for which completion is scheduled end of 2020, will include two restaurants, a vast auditorium, two gardens and co-working areas spread over eight floors as well as a rooftop terrace offering a panoramic 360° view. Sustainability focus was at the heart of this project and in line with the strategies of Ardian Real Estate and LaSalle, and as such the building will be certified BREEAM Excellent, HQE Excellent and WELL Gold.
In May 2019, LaSalle and Ardian announced they had signed a 12-year lease with WPP. The agency has decided to set up its new Paris campus in this building.
Stéphanie Bensimon, Head of Real Estate at Ardian, says: “We are very happy to have given a second wind to this iconic building. The lease signed with WPP and the sale to Amundi Immobilier, La Française Real Estate Partners and the Caisse d’assurance vieillesse des pharmaciens bear testament to the success of our joint project and the validation of our strategy.”
Beverley Shadbolt, Country Manager for France at LaSalle, continues: “We are delighted to announce this sale, which marks another decisive step in the redevelopment of West Bridge. The ambitious refurbishment program that we have been carrying out with Ardian since 2017 in an environment which has seen a shortage in the number offers for new assets explain the success of this investment. This transaction perfectly illustrates our expertise in projects with high value creation potential. We will continue to focus on restructuring and building developments in the established markets of the Paris region in the coming months.”
Ardian is a world-leading private investment house with assets of US$96bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base. Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world. Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 640 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 970 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
ABOUT LASALLE INVESTMENT MANAGEMENT
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $67 billion of assets in private and public real estate property and debt investments as of Q2 2019. 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. For more information please visit http://www.lasalle.com, and LinkedIn.