LaSalle and Ardian acquire Europa building in Levallois, West of Paris
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.”
Source: LaSalle Investment Management