Primonial REIM France acting alongside its partner Societe Generale Assurances has finalised the acquisition of the “Window” office property complex located in La Defense. The building comprises close to 45,000m² of office space classified under the French Labour Code and was fully renovated in 2018. It was leased to RTE (Reseau de Transport d’Electricite), France’s transmission system operator) as the sole tenant under a fixed 12-year lease.
“Window” enjoys excellent visibility thanks to a linear 150-metre façade overlooking one of Europe’s busiest shopping centres, the “Westfield Les 4 Temps”. The property has obtained the HQE Excellent and BREEAM Excellent environmental certifications. It offers its occupants a range of top-quality amenities and services including staff restaurants and cafeterias, a brasserie, a conference centre, a business lounge, a fitness centre, a concierge service, and two vast atriums.
Gregory Frapet, Chairman of Primonial REIM France, said: “We are delighted with this new major real estate transaction completed alongside Societe Generale Assurances. The acquisition of the “Window” building is among the largest transactions in volume terms to have taken place in the office property market so far this year and yet another example of our capacity to take up positions on large-scale operations on behalf of our investor clients. The transaction is also a testament to our strong convictions about the office property market and to our investment strategy, which is geared towards building up positions in sizeable head offices located in the heart of the Greater Paris region and occupied by large corporate tenants.“
Yann Briand, Head of Real Estate at Societe Generale Assurances, commented: “The acquisition of the “Window” building is fully consistent with the strategy adopted by Société Générale Assurances in our capacity as a responsible investor geared towards investing in highly energy-efficient real estate. The asset’s intrinsic qualities will secure reversibility and resilience for the property over the long term. We are delighted to have partnered up with Primonial REIM France and worked together on adding value to this property.”
Pierre Leocadio, Head of Investments Europe at Oxford Properties, said: “We are delighted to have worked with the teams at Primonial REIM France and Societe Generale Assurances who approached us off-market. The sale of “Window” sends out a strong signal about the La Defense market and we intend to reinvest the proceeds from this sale in new transactions targeting new sectors with a view to diversifying our portfolio, which we would like to double in size within the next 5 years.”