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Deka Immobilien acquires „Sainte-Cécile“ from LaSalle IM for €165m

Deka Immobilien has acquired the office property "Sainte-Cécile“ in Paris for €165 million on behalf of the open-ended real estate fund WestInvest ImmoValue.

The seller was the real estate fund Encore+ managed by LaSalle Investment Management. The property will be added to the portfolio , which is intended for institutional investors. The asset was 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 also included the adjoining landmark office building “Bergère”.

For David Ironside, fund manager of Encore +, the final phase of the comprehensive acquisition strategy for Bergère and Sainte-Cécile was also successfully completed. „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,“ said Ironside.

Sainte-Cécile © BNP Paribas Real Estate
The “Sainte Cécile” property was revitalised in 2004 into a modern, multi-functional office building offering around 9,400 m² of leasable space, 109 parking spaces and a generous inner courtyard. It was created by combining three formerly independent neighbouring buildings from the 20th century. Two cut-stone façades were retained during the redevelopment, allowing the creation of an efficient and flexible space with an average area of c.1,450 m² per floor.

The office building is fully leased to the renowned bank BNP Paribas. It is located in the lively 9th arrondissement, in the immediate vicinity of the historical central business district of Paris between the opera and stock exchange, and offers good access by public and private transport.

LaSalle retains ownership of “Bergère”, the headquarters of BNP Asset Management (formerly Comptoir National d’Escompte de Paris), located at number 14 rue Bergère. With a rental area of 26,400m², it is renowned for its 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 subsequent to 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.
Photos: BNP Paribas Real Estate
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