Invesco Real Estate has acquired Capital 8, a 45,000m² modern office building located in Paris’s CBD from Unibail-Rodamco-Westfield for €789m.The final closing of the transaction is due to take place in Q4 2018.
The complex, recently renovated in 2016, covers 11 floors in four interlinked buildings with over 500 parking spaces across five underground levels. Its amenities include an unrivalled level of services for such location including a wellness and fitness centre, three restaurants and conference facilities. In addition, Capital 8’s green credentials include two inner landscaped courtyards and 5,800m² of green space. The office sustainable efficiency recognised through its BREEAM certification. Capital 8 is fully let to 17 Grade A tenants.
Andy Rofe, Managing Director, Europe at Invesco comments: “The acquisition of Capital 8 marks a milestone for Invesco Real Estate as the largest single European asset deal in our history. Capital 8 fits our desire to acquire assets where we can create the environment that satisfies the changing needs of current and future occupiers. It is an iconic building with the flexibility to allow us to “place make” - by shaping the micro-location through the asset’s size, dominant position and strong exposure in the heart of Paris’s 8th arrondissement, the main economic centre of the city.”
Cristiano Stampa, Senior Director – Transactions for France, Belgium and Southern Europe at Invesco comments: “Due to its scale and layout, our ambition for Capital 8 is for the property to become a placemaking business centre in Paris’s CBD and provide today’s tenants with a workplace and space that meets their needs. From an investment perspective, our planned initiatives are aimed at delivering a stable, diverse income for our investors as well as NOI growth for our investment strategy.”
Invesco Real Estate was advised by Linklaters, Victoires Notaires Associes, Archers, PwC, Deloitte, Humakey and Artelia. The seller, Unibail-Rodamco-Westfield, was advised by BNP Paribas Real Estate and JLL, Maitre Francois Thome, SCP Ginisty & Associes and Lacourte Raquin Tatar.