Blackstone confirmed on Wednesday that he had bought a prestigious office building in the center of Paris for around 700 million euros, a sign that investors are increasingly interested in high-end administrative buildings after a fall in the activity due to the Covid-19 pandemic.
The Business Center Building of Paris-Tocadéro, built in 1913 and located in the 16th district, near the ARC de Triunfe, had been sold in March by its owner, the German union investment, which had acquired it in 2003 for 284 million euros.
Reuters had reported in June that Blackstone was one of the preselected candidates for acquisition, this operation constitutes one of the highest sales of offices in Europe since Cavid-19 pandemic.
“This acquisition underlines our confidence in the European office market and our conviction that the correct assets located in first choice places continue to offer interesting opportunities,” said James Seppala, real estate manager in Europe for Blackstone. The transaction must be finished in the fourth quarter of 2025.
Located in the immediate vicinity of the Du Trocadéro place, the construction of 41,234 square meters also includes 57 luxury apartments, restaurants and coffees. Originally it belonged to the French Bank Société Générale before being sold in Union Investment in 2003.
This building was built in 1913 by the Société Générale in the Butte Chaillot, to protect the paper value documents (titles, good for the bearer, obligations, etc.) against the floods that had hit Paris and the banking agencies during the floods of the segino in 1906 and 1910.
Built on an Eiffel metal structure base, this set includes in its center a giant trunk, where the titles are preserved, in the form of a cylindrical tower of 30 meters high with indestructible walls, as well as residential buildings for employees. In 1991, the Paris-Tocadéro business center opened its doors to its first tenants. He knew his last great renewal in 2006.
Source: BFM TV
