Benson Elliot Capital Management, the private equity real estate firm launched by Marc Mogull, and Générale Continentale Investissements (GCI), a leading French real estate investment and development company, have announced the acquisition of Le Berkeley, a 19,100m² office building in Paris La Défense. The purchase price was just over €100 million, with Benson Elliot investing on behalf of its fund, Benson Elliot Real Estate Partners II.
The freehold building comprises primarily office space, arranged over nine above-ground floors. Underground parking is provided for 404 cars in three below-ground floors. It is currently 85% let with high quality tenants including American Express, Meilleur Taux and Pinault Bois Matériaux (PBM). The property has an excellent location in the northeast corner of La Défense, Paris' financial district, with immediate access to the Boulevard Circulaire.
This acquisition is the fifth by Benson Elliot for the Fund since it began its investment programme at the end of 2006, and takes the Fund's portfolio to around €650 million. It is also Bensons Elliot's second joint venture with GCI, following the €240-million acquisition of six office buildings in Paris in February this year.
Financing for the deal was provided by HSH Nordbank Aktiengesellschaft.