Caisse des Dépôts, PREDICA - a Crédit Agricole Assurances subsidiary - and SCOR gathered in a club deal by ING Real Estate Investment Management France (ING REIM France) have acquired River Ouest, a new grade-A office building adjacent to La Défense, Paris. The acquisition has been structured through an OPCI managed by Crédit Agricole Immobilier
River Ouest is located at 80 quai Voltaire in the city of Bezons (95), close to Paris. The office building was completed in July 2009, designed by Skidmore Owings & Merill with the participation of SRA and CBC, and was subsequently developed by HRO.
It comprises 64,000 m² and provides four contiguous office buildings and a dedicated amenities building offering two restaurants, a brasserie, cafeteria, auditorium, executive meeting- and conference facilities and a gym. River Ouest has received a triple environmental certification: HQE Construction, HQE 'In-occupation' and THPE (very high energy efficiency).
River Ouest is fully let to prime tenants; 85% to Atos, a leading international IT services provider as its world headquarters with a 12-year firm lease contract. Other tenants are EMC², Sophos and Léon Grosse.
The office complex will be owned by an OPCI and will be managed by Unibiens, a 100% owned fund management company of Crédit Agricole Immobilier. In addtition, Crédit Agricole Immobilier advised Predica. Wragge & Co advised on the legal matters in relation to the set-up of the OPCI.
Silvio Estienne (Chief Executive Officer ING REIM France) and Bruno Cohen (Chief Investment Officer ING REIM France) comment: "Our ability to put together such a deal has reinforced our relationships with existing and new institutional clients. We are very proud of their trust and support.
"The River Ouest acquisition is an attractive deal for the investors and a major step for ING REIM as part of its strategy to continue to develop the direct investment business, in particular with club deal and joint venture initiatives, and in addition to its fund management activities and separate account mandates."
In this transaction, ING REIM France was advised by White & Case on the legal matters, De Pardieu Brocas Maffei on the fiscal, PricewaterhouseCoopers Advisory on the accounting, and CGR Legal on contractual issues. The notary was Allez & Associés.
The seller was advised by BMS Avocats, Baker & McKenzie and Wargny & Katz. The agents were Cushman & Wakefield and Strategies & Corp.
This acquisition is financed by Crédit Agricole CIB, Helaba and Westimmo. The banks were advised by De Pardieu Brocas Maffei and Rochelois-Besins & Associés. For the set up of the financing, ING REIM France was advised by White & Case and Allez & Associés.
Source: ING Real Estate Investment Management
