LaSalle Investment Management has sold the “Sainte-Cecile” office building in Paris to Deka Immobilien for €165m. The asset was acquired in March 2020 on behalf of LaSalle’s pan-European open-ended fund, Encore+, as part of a sale-and-leaseback transaction with BNP Paribas that also included the adjoining landmark office building “Bergere”.
Located on rue Sainte-Cécile in the 9th arrondissement, in the heart of Paris, the building offers 9,400m² of rental space, as well as 109 parking spaces. It combines three adjacent buildings, originally constructed in the twentieth century, which were combined in 2004. Two cut-stone façades were retained during the redevelopment, allowing the creation of efficient and flexible space with an average area of c.1,450m² per floor.
LaSalle retains ownership of “Bergere”, the headquarters of BNP Asset Management (formerly Comptoir National d’Escompte de Paris), located at number 14 rue Bergère. With a rental area of 26,400m², it is renowned for its striking façade and exceptional architectural features, such as the main atrium and the monumental staircase, and was the first building in France to obtain HQE certification for building quality subsequent to renovations. The surrounding area hosts a thriving cluster of technology companies and offers a large number of services and a wide range of shops, restaurants, hotels, cinemas, theatres and other amenities.
Beverley Kilbride, France Country Manager at LaSalle, said: “I congratulate our team for successfully completing this sale and executing our strategy at a time of market turbulence. The 9th arrondissement is one of the most popular districts with tenants in Paris, particularly due to the presence of major technology companies. The assets that we manage here are perfectly suited to meet the expectations of the younger generation, both today and in the future, for a central and high-quality working environment.”
David Ironside, Fund Manager for Encore+ at LaSalle, added: “We are very pleased to have completed the sale of Sainte-Cecile, which was the final stage of our wider “Bergere and Sainte-Cecile” acquisition strategy. The resilience of the location and the rental income of Bergere, in addition to the returns from the sale of Sainte-Cecile, represent a very positive contribution to the performance of the Encore+ fund for our investors.”