Samsung Securities, advised by La Française, has recently engaged with ICADE, a listed commercial property investor and developer, in a promissory agreement for the purchase and sale of Crystal Park.
The asset comprises a seven-story office building located 62-64 boulevard Victor Hugo, in Neuilly-sur-Seine (92), a prime business location in close vicinity to the Paris CBD and La Défense. La Française, minority co-investor, will act as asset manager. The sale (€691 million1 excluding duties) will close in July 2019. For Samsung Securities, this is the fourth investment in the Paris region and the second collaboration with La Francaise following the acquisition of the Belgian headquarters of a leading renewable energy supplier in Brussels (North Light and Pole Star assets).
Located in a dynamic business environment, the building offers over 39.000 m2 of office space, 719 underground parking spaces and a landscaped park of two hectares. The asset was built in 2003 and heavily refurbished in 2018. The property offers extensive facilities, including a restaurant reserved for on-site staff, a cafeteria, auditorium, meeting rooms, concierge services, business center, fitness centre, etc. It is unique in offering such a high quality campus in such close proximity to the CBD and the highly sought after residential districts to the west of Paris. It has been highly successful in attracting service sector companies seeking an exceptional environment for their employees.
The building is fully let to four quality tenants, including a leading multinational consulting firm, a listed sensory R&D firm, a listed cosmetics group and a leading French Digital and IT services provider.
Patrice Genre, President of La Française Real Estate Partners commented,” The Crystal Park transaction illustrates well the strength and depth of our international investment and business network. From fund raising and sourcing to asset and fund management, La Française is a one-stop real estate shop. We thank our South Korean partners for their continued confidence”
Shawna Yang, Director of Real Estate Investor Relations for Asia concluded, “For La Française, this is the single largest transaction to-date on behalf of South Korean investors, keen on diversifying their portfolios in French real estate. The French real estate market continues to show positive signs both in terms of valuations and rental values and we will continue to seek quality assets for Asian investors.”
Samsung Securities was advised by Mastern Investment Management in Korea. La Française Real Estate Partners was advised by Maître Hervé Vinas, Jones Day (Erwan Le Douce-Bercot and Flavia Poujade), Strategies & Corp and Flabeau.
1 before the effect of commercial benefits and miscellaneous work remaining at the expense of Icade.
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