SFL adds a new strategic location to its Paris portfolio with the acquisition of Amundi’s head office near Gare Montparnasse in the 15th arrondissement
PARIS, April 25, 2022–(BUSINESS WIRE)–Regulatory news:
Located at 91-93 Boulevard Pasteur right next to Gare Montparnasse, one of the main rail hubs in Paris, this apartment of nearly 40,000 m². real estate offers a rare size in the capital and benefits from a firm 12-year lease with Amundi, the European leader in asset management.
This transaction is fully in line with SFL’s investment strategy, which consists of investing for the long term in assets with high reversion potential offering opportunities for short, medium and long-term value creation in the prime neighborhoods of the center from Paris.
“This acquisition is a rare opportunity to secure a major position in one of France’s main stations, a very powerful local, regional and national transport hub, at a time when Ile-de-France residents are looking for a better quality of life by moving away from the city center to take advantage of more space. For this reason, users are very sensitive to travel times and office accessibility.” says Dimitri Boulte, Managing Director, Deputy Managing Director of SFL.
Built in 1965 on land sold by the SNCF, the complex, occupied by Amundi since 2012, develops 39,600 m². of offices spread over three separate but interconnected buildings over 17 floors, offering a horizontal layout of 2,100 m². plaques on the ground and breathtaking views of Paris.
“The natural lighting of the building, the quality of its slabs and its services as well as its environmental certifications were decisive elements in our investment decision. In addition, the district had been undergoing renovation for a few years, with large-scale projects such as the renovation of Gare Montparnasse, the upcoming completion of the development of Ateliers Gaîté and the renovation of the MGEN headquarters, the Montparnasse Tower and the CNP headquarters”, says Aude Grant, Deputy Managing Director, Asset Management and Investment at SFL.
Amundi, a historic player in Gare Montparnasse, confirms its strategic positioning and remains the tenant of the property complex under a new lease taking effect on February 1, 2022 for a fixed term of 12 years. The lease specifies that the building will be the subject of a program of works and technical improvements to meet the objectives of the decree on energy savings in business real estate.
SFL acquired the whole from Primonial REIM France for 484 million euros including fees, based on a capitalization rate of 3.9%. The integration of this operation in SFL’s accounts will have an immediate positive impact on the EPRA result while maintaining a reasonable loan-to-value ratio of approximately 28%.
The transaction was carried out by JLL (Jones Lang LaSalle) under a co-exclusivity contract with Strategies and Corp.
SFL was advised by notarial firm Oudot & Associés and law firm Lacourte Raquin Tatar.
Primonial REIM France was advised by the Wargny Katz notarial office and the law firms LPA-CGR Avocats and KPMG Avocats.
Leader in the prime segment of the Parisian commercial real estate market, Société Foncière Lyonnaise stands out for the quality of its portfolio, valued at €8.1 billion and centered on the Central Business District of Paris (#cloud. paris, Edouard VII, Washington Plaza, etc.), and for the quality of its client portfolio made up of prestigious companies in the consulting, media, digital, luxury, finance and insurance sectors. The oldest property company in France, SFL demonstrates year after year an unfailing commitment to its strategy based on the creation of high usage value for users and, ultimately, substantial appraisal values for its buildings.
Stock market: Euronext Paris Compartment A – Euronext Paris ISIN FR0000033409 – Bloomberg: FLY FP – Reuters: FLYP PA
S&P rating: BBB+ stable outlook
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SFL – Thomas Fareng – T +33 (0)1 42 97 27 00 – [email protected]