LaSalle Investment Management has announced the sale by LaSalle French Fund II LP of Le Viala, located in Paris 15th arrondissement, to HSBC Assurances.
As the former headquarters of the French department for family affairs, this 12,400-m² office building with a listed metal structure has been entirely refurbished by the teams at BNP Paribas Promotion and OGIC.
The investment team at BNP Paribas Real Estate Transaction France advised on this transaction through a co-exclusive instruction with Jones Lang LaSalle. The notary firm Lavigne Roux advised the vendor and Oudot & Associés the purchaser.
Beverley Shadbolt, Associate Director at LaSalle Investment Management said, "We are delighted to announce the sale of LE VIALA acquired in 2007, refurbished, completed in 2009 and leased to DCNS (a world leader in naval defense) only a few months later. The quality of the tenant, the lease secured and the refurbishment has enabled LaSalle French Fund II to capture the intrinsic value of this asset despite difficult economic conditions."
Jean-Pierre Wiedmer, CEO and Chairman, HSBC Assurances, said, "We are delighted with this acquisition which is part of HSBC Assurances' strategy to develop its corporate real estate assets and to diversify its investments."
Source: Citigate Dewe Rogerson