Global real estate investment manager, LaSalle Investment Management has sold the Sainte-Cécile Paris offices building to Deka Immobilien for €165million.

The Paris offices were acquired in March 2020 on behalf of LaSalle’s pan-European open-ended fund, Encore+, as part of a sale-and-leaseback transaction with BNP Paribas that included the adjoining landmark Bergère offices.

Located on rue Sainte-Cécile in the 9th arrondissement, in the heart of the city, the Paris offices building provides 9,400 square meters of rental space and 109 parking spaces.

Global real estate investment manager, LaSalle Investment Management has sold the Sainte-Cécile Paris offices building to Deka Immobilien for €165million.
The Paris offices bought by Deka

The Paris offices were originally three buildings which were combined in 2004. Two cut-stone façades were retained during the redevelopment, allowing the creation of an efficient and flexible space with an average area of around 1,450 square meters per floor.

LaSalle retains ownership of Bergère, the headquarters of BNP Asset Management (formerly Comptoir National d’Escompte de Paris) at number 14 rue Bergère. It features a rental area of 26,400 square meters. The building has a striking façade and exceptional architectural features, such as the main atrium and the monumental staircase, and was the first building in France to obtain HQE certification for building quality after renovations. The surrounding area hosts a thriving cluster of technology companies and offers a large number of services and a wide range of shops, restaurants, hotels, cinemas, theatres and other amenities.

Positive contribution of Paris offices

Beverley Kilbride, France Country Manager at LaSalle, says, “I congratulate our team for successfully completing this sale and executing our strategy at a time of market turbulence. The 9th arrondissement is one of the most popular districts with tenants in Paris, particularly due to the presence of major technology companies. The assets that we manage here are perfectly suited to meet the expectations of the younger generation, both today and in the future, for a central and high-quality working environment.”

David Ironside, Fund Manager for Encore+ at LaSalle, adds, “We are very pleased to have completed the sale of Sainte-Cécile, which was the final stage of our wider “Bergère and Sainte-Cécile” acquisition strategy. The resilience of the location and the rental income of Bergère, in addition to the returns from the sale of Sainte-Cécile, represent a very positive contribution to the performance of the Encore+ fund for our investors.”

The Paris offices property is to be added to the portfolio of the WestInvest ImmoValue open-ended real estate fund designed for institutional investors.

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $65billion of assets in private and public real estate property and debt investments as of Q1 2020. 

Sources: and

Almere distribution center purchased

The netherlands

Logistics property specialist GARBE Industrial Real Estate GmbH has acquired a new distribution centre, which is being built in Almere.

It was bought from LIS Logistics within the framework of an institutional mandate. The modern distribution centre will be built at the “Stichtse Kant Business Park,” a trading estate in Almere.

Logistics property specialist GARBE Industrial Real Estate GmbH has acquired a new distribution centre
Construction of the new centre is underway

It was sold by Hercuton/Remco Ruimtebouw, the Dutch building consortium developing the centre, whose construction is already underway. The new distribution centre is scheduled for completion by the second quarter of 2021. The two parties agreed not to disclose the selling price.

The high-end new-build development will have a total surface area of around 34,000 square meters, with LIS Logistics B.V. renting the largest part.

Several sites

The Dutch logistics firm, which has been headquartered in Almere since 2007, currently operates several sites in town. In future, LIS Logistics will merge its activities in the new distribution centre.

Hercuton/Remco Ruimtebouw was advised by the estate agencies Over Engh Vastgoed and 1530 Real Estate. GARBE Industrial Real Estate GmbH was legally advised by the Amsterdam-based law firm of Lexence while Drees & Sommer provided the technical consultancy and audit.


Nottingham office leasehold bought for £7.55m


Singapore-based private equity firm Elite Partners Capital has bought the long leasehold of Apex Court, Nottingham, for £7.55million.

It is on City Link Road in the Island Business Quarter and was bought from DSL Group.

Elite Partners Capital has bought the long leasehold of Apex Court, Nottingham, for £7.55million.
Apex Court, Nottingham

The headquarters building comprises 38,816 square feet (3,606 square meters) of offices and 82 parking spaces. Apex Court is let in full to The Secretary of State for Housing and Local Government, generating an annual rental income of £595,712.

The building fronts Nottingham’s Island Business Quarter district and forms part of the Eastside Regeneration Enterprise Zone.

Confidence remains

Victor Ktori, head of office at Savills Nottingham, says, “This is the latest in a string of high quality investment deals within the city, proving that confidence remains despite continued uncertainty. A lack of grade A stock in recent years has facilitated a sustained period of rental growth, making Nottingham an attractive and comparably cheaper location compared to nearby cities such as Birmingham. Apex Court provided the international investor with a fantastic opportunity to purchase a strong income-generating asset with considerable covenant strength.”

Jas Landa of DSL Group, adds, “Having successfully negotiated a lease renewal with the Secretary of State earlier this year, there was a cogent reason to bring Apex Court to the market at this time. Despite the challenges created by Covid-19, we are delighted to have concluded this sale so swiftly and commend Victor Ktori of Savills and Adam Youatt of Gateley Legal for their efforts. DSL Group looks forward to reinvesting in future opportunities, including into our substantial development programme.”

Victor Song, CEO of Elite Partners Capital, says, “We are extremely pleased to secure a high-quality development in one of the largest urban cities in the East Midlands. The UK continues to offer promising property investment opportunities with great potential returns, even in the midst of the Covid-19 outbreak. Apex Court is a valuable addition to our existing portfolio of commercial properties and logistics assets across the UK. ”

Savills advised DSL. DS Real Estate Advisors acted for Elite Partners Capital.


Fully-let Milan offices purchased


Alternative asset management and investment group, Tikehau Capital, has acquired an office in Milan.

The property is in the Milanofiori business district in the southern part of Milan. It is comprised of around 19,000 square meters of total gross lettable area, 100% of which is currently let.

Tikehau Capital, has acquired an office in the Milanofiori business district in Milan
The Milanofiori business district

Its pan-European Tikehau Real Estate Opportunities fund made the purchase.

The property is in the southern part of the established Milanofiori centre that hosts the Italian headquarters of several international corporates. It benefits from excellent connections to the city centre through the MM2 underground line and Linate airport is only 30 minutes away by car. The asset, originally built in the 80s, provides an attractive opportunity to refurbish a property to Grade A standard in an area that lacks such buildings.

First involvement in Italy

This transaction is TREO’s first investment in Italy and follows the acquisitions of the Atlantic Park mixed-use asset with light industrial and office space in the southern region of Paris (a sale-and-leaseback operation), a mixed-use portfolio in Brussels, two hotels in central Paris currently in renovation and two shopping centres for reconversion in Maidenhead and Orpington (UK). The pan- European real estate value-added fund invests across all real estate asset classes in Western Europe.

Luca Bucelli, Head of Italy at Tikehau Capital, says, “This operation is in line with the value-add investment strategy of TREO and the acquisition of buildings in the Milanofiori business district confirms our strategy to focus on assets offering great potential in attractive locations. We are very pleased to invest in Milan in this unprecedented time. It confirms our long-term commitment to the country, in the city where Tikehau Capital has an office and demonstrates our conviction that Italy will provide significant investment opportunities in the long term.”

Tikehau Capital is an asset management and investment group with €25.7billion of assets under management (as of 30 June 2020) and shareholders’ equity of €3.1billion (as at 31 March 2020). 


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