Europa Capital, acting in a joint venture with local operating partner Balzac REIM, has completed the sale of an office building in Suresnes, France to SKEMA Business School. 5 Quai Marcel Dassault, originally constructed in 2003, comprises 14,000m² of office accommodation arranged over five floors and is situated in an established western Paris office submarket on the banks of the River Seine. Following its acquisition in 2016, Europa Capital and Balzac REIM undertook a comprehensive refurbishment of the property’s reception and staff restaurant areas and successfully leased almost all the vacant office space inherited on purchase. The purchase price was not disclosed.
Jonathan Mansie, Director at Europa Capital and Head of Acquisitions in France, commented: “Our acquisition in a joint venture with Balzac REIM in 2016 was predicated on strong real estate fundamentals, including the high-quality and flexible nature of the building and its attractive and prominent location within easy reach of La Defense and central Paris. These qualities were also key factors for SKEMA in choosing 5 Quai Marcel Dassault for their new campus after a lengthy search, and we are delighted to have completed this transaction with them, adding value for our investors in the process.”
