Partners Group: Acquisition in La Defénse in Paris
The global investment manager Partners Group (Baar/Zug) acquires the office property "CB16 Tower" in Paris' business district La Défense on behalf of a client.
The purchase price for the property is stated at 170 million euros. The "CB16 Tower" is a 28-story office building with a total area of around 30,000 square meters. It was built in 1971 and completely renovated in 2003. The property also has a green sustainability certificate.
Partners Group will implement the future active management, which is based on a value-add business plan, together with local partner Aquila Asset Management. Further renovation of the property is planned to increase the occupancy rate of the office space.
"La Défense is showing a steady recovery in terms of office demand compared to previous years. The purchase of the 'CB16 Tower' is therefore a good opportunity in the location and in the current cycle," comments Mike Bryant, Managing Director and Co-Head Private Real Estate at Partners Group.
The Paris office tower is in line with the investment management company's investment focus in terms of construction and location quality as well as rental income: office buildings in decentralized locations in A-cities that can be brought up to modern standards comparatively more cheaply than new buildings, Bryant said.
