Axa IM buys Tour First in La Défense
Axa Investment Managers Real Assets has acquired the Tour First office tower in the La Défense business district of Paris in a share deal. The sellers are BCSP CE Lux I Sarl and BCSP CE Lux III Sarl, which are part of Beacon Capital Partners.
At 231 meters, the Tour First is the tallest building in France. The icon comprises more than 80,000 square meters of office space on 44 floors. Currently, 83 percent of the Tour First is leased long-term to two global blue-chip companies.
The tower was built in 1974 and was extensively rebuilt and refurbished between 2007 and 2011 at a cost of 300 million euros. The conversion, for which the architectural firms Kohn Pedersen Fox and Saubot-Rouit Associés were responsible, also included an addition of 74 meters.
In 2007, AXA IM sold 50 percent of the tower to Beacon Capital Partners, and both companies invested in the refurbishment of Tour First. In 2011, after the refurbishment was completed, Beacon acquired the remaining 50 percent from Axa IM.
The current buyback was undertaken by Axa IM - Real Assets for a group of investors investing in European core real estate.
AXA IM - Real Assets was advised on the transaction by De Pardieu Brocas Maffei, Etude Cheuvreux, Deloitte and Egis. Beacon Capital Partners relied on Linklaters, Etude Wargny Katz, Cairn, Taj, Debevoise and EY. (ah)
