Transactions - AUGUST 1, 2017

SFL to sell Paris IN/OUT building to Primonial

by Andrea Waitrovich

French fund Primonial has purchased the IN/OUT office building in Paris from SFL, the French subsidiary of the Colonial Group.

The sales price is estimated to be €400 million ($470 million), according to media outlets.

The IN/OUT office building totals 380,000 square feet located in the Boulogne-Billancourt district in Paris. It is the headquarters of the Organization for Economic Cooperation and Development.

The IN/OUT building was designed and built by SFL through a redevelopment of the historical Phillips headquarters in Paris.

Approximately €2.5 billion ($2.9 billion) was invested in the Greater Paris region over the second quarter 2017, taking the overall investment volume for the first half of 2017 to €5 billion ($5.9 billion), according to JLL. This represents a 27 percent year-on-year decrease.

Decreases were seen across all areas in the Greater Paris Region, apart from the Western Crescent, which totaled €1.5 billion, up 28 percent year-on-year.

There has been a complete lack of mega-deals in the major transactions segment over the first half of 2017, whereas in 2016 there was Beacon Capital Partners’ sale of the “First” tower for an estimated €800 million ($940 million). Amundi Immobiler’s acquisition of “Vivacity” from Blackstone Group for an estimated €370 million ($435 million) was the largest transaction in the first half of 2017. While the number of transactions for lot sizes more than €100 million ($118 million) remained unchanged year-on-year, this segment only secured €2.5 billion ($2.9 billion) in investments over the first half of 2017, compared with €3.4 billion ($4 billion) over the same period last year (–27 percent).

With a high level of activity on the sell side last year, foreign investors remained active over the first half of 2017 with almost €1.8 billion ($2.1 billion) of assets sold (38 percent of activity). American investors were by far the most active (more than €1 billion/$1.2 billion of asset disposals), followed by German investors (€400 million/$470 million), while French investors carried out almost €2.9 billion ($3.4 billion) of disposals.

Offices retained their position as the most sought-after assets and accounted for €4.3 billion ($5.1 billion), or 85 percent, of investments.

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy