The German open-end real estate fund KanAm has bought the building Crystal Park in Paris last month. Crystal Park is a development of the French Générale Continentale Investments and comprises 45,000 m² (including 39,000 m² of office space) and is situated in Neuilly-sur-Seine in the west of Paris.
KanAm will add the building to its Grundinvest fund. The take-over price is €450 million and this makes it the largest transaction in Paris so far for one single building. The initial yield of return is just below 6%. Last month KanAm also bought the Fortis Tower in Rotterdam (the Netherlands) for €78 million.
Crystal Park was developed by Générale Continentale Investments in a joint venture with Goldman Sach’s Whitehall fund and was completed about a year ago. The building consists of two towers. Recently PricewaterhouseCoopers signed a 12-year lease contract for 32,000 m² which completely fills the building. Atis Real Auguste-Thouard advised KanAm in the deal.