Europa Capital has completed the third acquisition for its latest pan-European investment fund, Europa Fund IV, acquiring the Tour Vista office high-rise, neighboring La Defense, from a fund managed by Pramerica Real Estate Investors.
Tour Vista overlooks the River Seine in Puteaux, on the southern edge of La Defense, Europe’s largest office district. The property, originally constructed in 1973, and comprehensively refurbished in 2007, comprises 15,800 m² of modern office accommodation arranged over 22 floors. It benefits from a private conference facility at basement level, a canteen and cafeteria at first floor, a 1,000 m² fully-catered restaurant on ground and first floors and 442 dedicated car parking spaces on three underground levels.
The building is 80% occupied and the principal tenants are Reed Exposition and Eurogroup Consulting.
Europa was advised in the acquisition by Jones Lang Lasalle and Balzac REIM, the latter being retained as Asset Manager, together with Dentons and notary Le Breton & Associes, while CBRE and notary Allez & Associes represented the seller.
Nic Fox, Partner and head of the Middle Europe region at Europa Capital, commented: “This represents an opportunity to acquire a well located modern office property offering an attractive combination of secure income and value-add potential in one of Europe’s principal office investment destinations. We will lease up the vacant space and enhance the building’s amenities by investing in a light refurbishment, while also enhancing the current environmental rating”.
Europa has appointed Paris based asset management specialist Balzac Real Estate Investment Management to assist with the delivery of the business plan. Architects Petraconne & Vodar, together with Gardiner & Theobald and WSP France, will provide design and construction services, and BNP Paribas and Jones Lang Lasalle will be appointed leasing agents.
Source: RLM Finsbury