Europa Capital, together with its joint venture partner, Balzac REIM, announced the sale of Semaphore, a fully let 12,000m² office building in Levallois-Perret, to the north-west of central Paris, on behalf of its value add fund, Europa Fund V, to one of the funds of Primonial REIM, for €142.5m. The deal follows shortly after the agreement of a nine-year firm lease for the entirety of the eight-storey building, whilst it was being refurbished, with Doctolib, a high-profile French technology company which in recent years has developed a leading online medical appointment booking platform.
Europa Capital and Balzac REIM acquired the property with vacant possession in 2017, and having obtained revisions to an existing construction permit, undertook a comprehensive refurbishment of the building. This included the creation of a new staff restaurant and cafeteria, the installation of a new heating and cooling system, as well as the re-landscaping of the roof terraces and internal courtyard. As a result, the building has been awarded HQE Renovation ‘Excellent’ and is targeting a BREEAM ‘Good’ rating.
Located in a sought after commercial and residential suburb on an individual island site on the banks of the River Seine, Sémaphore is situated in close proximity to the centre of Paris and La Défense with excellent public transport links.
Jonathan Mansie, Director, who heads all acquisition activity for Europa Capital in France commented: “In a market characterised by strong institutional demand for well-let, high-quality core office assets, and having let the entirety of Sémaphore before the refurbishment works were completed, an approach was received from Primonial REIM culminating in a sufficiently attractive offer to pre-empt marketing of the investment. Securing this early sale ahead of the business plan has helped to deliver strong returns for the Fund’s investors. Doctolib’s decision to relocate its headquarters from central Paris to Levallois-Perret is also a great endorsement of the quality and flexibility of the space we have created in such a desirable location on the banks of the River Seine.”
