The Horizon French Property Partnership I S.C.A Fund (HFPPI), advised by Henderson Global Investors, has sold an asset in Paris, France. The D-Light building is the ex-headquarter of Prisma Press and is located in Paris 17th.
HFPPI acquired the 6,500 m² asset from Pramerica in 2011. Since then, it has been through significant renovation in order to upgrade the asset to the latest technical and environmental standards (HQE Renovation).
It follows the successful sale of building Seine 52 in Issy-les-Moulineaux, Paris in the second half of 2012, for which a similar refurbishment strategy had been followed.
Thibault Ancely, Head of Property of Henderson Global Investors France and Peter Winstanley, President, said: "The sale of the D-Light asset, less than two years after acquisition, confirms the appetite from investors for buildings efficiently renovated and providing a modern working environment for users. The outcome is testament to Henderson's ability to actively manage its assets in order to achieve high returns for investors.
"The potential for this property, given the refurbishment potential, was clear from the outset and we are delighted to have been able to maximize its value. As office stock becomes more and more obsolete, it becomes increasingly necessary to both smarten and technologically advance workplace environments. At Henderson, we are ideally positioned to undertake such value-add operations."