Deka Immobilien has sold an office property in a prime location in Paris's eighth arrondissement. For the buyer, CDC Investissement Immobilier, the property asset management subsidiary of Caisse des Depots. The asset also has excellent environmental credentials and benefits from an exceptional geographical location. The property comes from the portfolio of the open-ended property fund Deka-Immobilien Europa. The parties have agreed not to disclose the sale price.
The Ville I'Evêque office building comprises 4,900m2 of leasable space with a spacious roof terrace and 75 parking spaces in an underground car park. The property is located in the heart of the Central Business District of Paris, and thus boasts excellent infrastructure. The building, which was originally constructed in 1977 and refurbished in 1996, was acquired by Deka in 2000. From 2021 to 2023, Deka carried out extensive core renovation work after the law firm Willkie Farr & Gallagher moved out of the premises. The property was repositioned on the market and leased to the law firm Simmons & Simmons LLP on a long-term lease at significantly higher rents. The property has been rated "Very Good" by BREEAM, the British certification for sustainable construction and has obtained high-performance certification from HQE Sustainable Building.
The successful repositioning enabled the fund management of Deka-ImmobilienEuropa to generate a substantial profit for investors. In addition to further cash inflows into the fund, the proceeds from the sale will help to maximise purchase opportunities for investors in an altered market environment.
Image source - Pexels.
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