Europa Capital together with local partner BALZAC Real Estate Investment Management has concluded the sale of Tour Vista in Paris to private UK based investment group Alduwaliya Asset Management for a price in excess of €130 million reflecting a net initial yield of approximately 5%.
Tour Vista, a 15,700m2, 22-storey office tower located in Puteaux, close to La Defense, was acquired by Europa Fund IV in July 2013 from Pramerica’s TMW ‘Weltfonds’. Since acquisition, Europa has undertaken a comprehensive refurbishment of the common areas, auditorium, meeting rooms, cafeteria and five vacant floors, four of which it subsequently leased, and also extended the leases of the two principal occupiers, Eurogroup and Reed Communications.
Nic Fox, Partner and Head of Europa’s Middle Europe region, said:
‘We are delighted with the result of this transaction, which encompasses all the key elementsof Europa’s value-add strategy: buying well, executing defined asset management initiatives and selling back into a strong institutional market.’
The London-based representative of Alduwaliya commented:
‘This represents Alduwaliya’s first investment in Paris, following earlier acquisitions in London, and demonstrates our ability to transact discreetly and efficiently in a competitive environment.’
Alduwaliya was represented by BNP Paribas Real Estate, Alduwaliya’s exclusive property advisor in France, Dentons and the notary Allez & Associes.
Europa Capital was jointly represented by agents CBRE and JLL together with notary Le Breton & Associes.
For further information, please contact:
Gordon Simpson/Elizabeth King, Finsbury PR: + 44 20 7251 3801
Europa Capital is an established real estate fund management group operating across Europe adding value through risk-based acquisition strategies and active asset management on behalf of its investors.
Since 1995, Europa Capital’s Principals have collectively raised 8 real estate funds and committed to over 90 transactions totalling some €9.0 billion across 18 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Further information can be found at www.europacapital.com.
Europa Capital is a member of The Rockefeller Group (“RGI”). RGI is a strategic investor alongside Management. Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority