La Tour Egée and la Tour Cèdre, situated side by side in La Defense (Paris), will change owners. La Tour Egée (54,000 m²) has been acquired for over € 260m. by the German investment fund KanAm from Vivendi and Philip Morris France. La Tour Cèdre (28,000 m²) has also been sold by Philip Morris France to the investment fund WestInvest for approx. € 170m.
La Tour Egée, which is bought by KanAm, is 100% let. Ernst & Young is the principal occupier of the building. The return of this investment will be superior to the current rate at La Défense (+6.5% per year). Stratégies and Corp arranged this transaction, the lawyers Gide Loyrette Nouel (M° Renaud Baguenaud) and notaries of M° Herbert (M° Jean Pierre Brulon) advised the investor.
La Tour Cèdre, which is bought by WestInvest, was delivered in 1998 is entirely let to Cegetel who has another 9 years of lease contract on the building. The return on this investment will be similar to the current market conditions at La Défense (approx 6.5%). Stratégies and Corp who advised WestInvest arranged this transaction. WestInvest was also advised by M° Vincent Roussel (notary advice) and M° Popesco, associated lawyer of the cabinet Lefèvre Pelletier et associés.