South Korean investors lured by European assets
Tishman Speyer has sold Le Cristalia, a grade A office building located in Rueil-Malmaison, an established submarket in the western district of Paris, to JRQUIPP, an OPCI backed by Korean institutional investors. A sales price was not disclosed, but the Korea Economic Daily reports it as being 220 billion won (€172 million).
Le Cristalia is a seven-storey, freehold office asset totalling 20,222 square metres of rentable space. It is made up of three interlocking arc-shaped buildings and includes a staff restaurant, fitness centre, 151-seat auditorium and a 651-space car park. The property is entirely leased by US pharmaceutical firm Bristol-Myers Squibb Co.
The investment in Le Cristalia follows a number of recent real estate purchases by South Korean investors in Paris and its surrounding suburbs, notes the Korea Economic Daily, which indicates uncertainty over Brexit has made Paris and its suburban areas — continental Europe’s largest property