Germany/France - pbb Deutsche Pfandbriefbank has provided a medium term € 42,5 million investment financing facility for the acquisition of an office building located 148 rue de l’Université in Paris, France.
Invesco Real Estate, acting as Asset and Investment Manager, completed the acquisition on behalf of a US discretionary Fund. This transaction was signed on 30 December 2009.
The 10,300 sq m prime Class A office building is located in the heart of 7th district, on the left bank of the river Seine, close to Quai d’Orsay and Les Invalides. The property was completed in 2003 and is partially let to tenants with strong covenants. The building has 1,600 sqm average storey area, and its letting outlook is strong.
Saturday, January 9, 2010
Thursday, January 7, 2010
Citadel invests €33 million in Paris
France - Citadel (CLS Holdings plc) has acquired an office building in the Rueil (92) Business district, close to Paris’ La Défense, from Corio for €33 million. International real estate advisor Savills represented the vendor.
The 7,357 sq m (79,192 sq ft) office building is let in its entirety to corporates including Veolia Environment and Geostock.
Pascal Rupert, director of investment at Savills Paris office, says: “Rueil Seine is an important business district which attracts major multi-national occupiers. There were just two investment deals carried out in 2009 in this area, and this transaction was the largest.”
La Société Générale provided financing of €21.7 million.
The 7,357 sq m (79,192 sq ft) office building is let in its entirety to corporates including Veolia Environment and Geostock.
Pascal Rupert, director of investment at Savills Paris office, says: “Rueil Seine is an important business district which attracts major multi-national occupiers. There were just two investment deals carried out in 2009 in this area, and this transaction was the largest.”
La Société Générale provided financing of €21.7 million.
Tuesday, January 5, 2010
Appeal winner: Briatore says "I did it for Renault"
I did it for Renault"
Today the Tribunal de Grande Instance in Paris, France has decided in favor of Flavio Briatore and Pat Symonds.
Former Renault team principal Briatore and director of engineering Symonds had both taken their case to the French court in an attempt to overturn the ban the Formula One's governing body, the Federation Internationale de l'Automobile (FIA), had imposed on them after the Renault crash-gate scandal. The race-fixing scandal also involved young driver Brazilian Nelson Piquet, who crashed his Renault deliberately to cause the deployment of the safety car during the Singapore Grand Prix in 2008, which resulted in a win for the other Renault driver
, Spaniard Fernando Alonso, currently employed by the Ferrari team.
Today the Tribunal de Grande Instance in Paris, France has decided in favor of Flavio Briatore and Pat Symonds.
Former Renault team principal Briatore and director of engineering Symonds had both taken their case to the French court in an attempt to overturn the ban the Formula One's governing body, the Federation Internationale de l'Automobile (FIA), had imposed on them after the Renault crash-gate scandal. The race-fixing scandal also involved young driver Brazilian Nelson Piquet, who crashed his Renault deliberately to cause the deployment of the safety car during the Singapore Grand Prix in 2008, which resulted in a win for the other Renault driver
, Spaniard Fernando Alonso, currently employed by the Ferrari team.
Sunday, January 3, 2010
CORRECTED - Icade to buy a Morgan Stanley real estate firm
PARIS, Dec 23 (Reuters) - French-based Icade (ICAD.PA) will buy Compagnie la Lucette (MDLL.PA), another real estate firm, from Morgan Stanley (MS.N) to create a entity with a portfolio of over 5.7 billion euros ($8.2 billion).
Icade will offer two of its shares plus 32.50 euros for 21 Lucette shares in the two-stage transaction.
Initially, Icade will buy a 35 percent stake in Lucette for 9.61 euros per share, or 87.6 million euros. In the first quarter it will acquire another 59.5 percent in exchange for shares that will give the Morgan Stanley fund a 4.5 percent stake in Icade.
This will make Morgan Stanley the second-biggest stakeholder in Icade after state-owned CDC.
Icade will offer two of its shares plus 32.50 euros for 21 Lucette shares in the two-stage transaction.
Initially, Icade will buy a 35 percent stake in Lucette for 9.61 euros per share, or 87.6 million euros. In the first quarter it will acquire another 59.5 percent in exchange for shares that will give the Morgan Stanley fund a 4.5 percent stake in Icade.
This will make Morgan Stanley the second-biggest stakeholder in Icade after state-owned CDC.
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