Cegereal has completed the acquisition of Passy Kennedy, an iconic 23,615m² office building located on the banks of the Seine in Paris' 16th arrondissement from AG2R La Mondiale. The deal was financed by a €80m capital increase by Cegereal, with preferential subscription rights for existing shareholders, and a €148.5m bank loan from Societe Generale.
"Cegereal has further expanded its portfolio with the acquisition of this iconic asset - its first in central Paris," said Jerome Anselme, Cegereal's Chief Executive Officer. "The building is well located on the banks of the Seine and has stable cash flows and a potential for value creation."
Xavier Pelton, Head of Investment, Arbitrage and Asset Management at AG2R La Mondiale, said: "This sale is in line with our strategy of actively managing our real estate portfolio, which involves disposing of certain properties once we have applied our expertise in the technical enhancement and asset management."
