CGI (the Management Company of Haus-Invest, the Commerzbank Group open-ended German Property Investment Fund) has acquired three major office buildings in Paris from Whitehall (the Real Estate Investment Funds managed by Goldman Sachs) and Shaftesbury International Holdings, for a consideration in excess of EUR 450 million.
The buildings, all fully let and located in the Central Business District of Paris, are 111/119 Rue Réaumur (known as 'Paris Bourse'), 7 Place Iéna and 7/9 Avenue de Méssine, and comprise a total of approximately 50,000 m².
All three buildings are centrally located modern office complexes with large floor plates. The Place Iéna was the first speculative office building constructed column free in steel in Paris; it is widely considered to be the best quality office building in Paris today.
Chris Bull-Diamond, managing director of FPDSavills Germany who represented CGI on all these transactions, comments: 'This transaction provides three first- class properties located in central Paris which fit in well with the CGI portfolio which we have been able to acquire to date. Paris is still one of the few major European cities where the German open-ended funds feel comfortable investing at the present time and more monies are available for further interesting opportunities. '
CGI was advised by FPDSavills. Whitehall and Shaftesbury were advised by Lazard and Goldman Sachs.
The transaction was initiated by Shaftesbury.
(source: FPD Savills)
