PARIS--(BUSINESS WIRE)--Regulatory News:
Owned by SFL (Paris:FLY) since 1958, 6 Hanovre is a historic Paris building located on rue de Hanovre close to the Opéra in the French capital’s 2nd arrondissement. The 9-storey building, whose façade is listed in the Inventaire Supplémentaire des Monuments Historiques, offers 3,000 sq.m. of office space and 1,600 sq.m. of basement space. Following the departure of Pretty Simple in October 2022, SFL began renovating the façade. This work will be continued by the buyers, who plan to redevelop the building.
The asset was sold untenanted, in its current condition, for €58.3 million net.
SFL said, “This sale is in line with SFL’s targeted and opportunistic strategy, which focuses on investing in very large office complexes in Paris and disposing of smaller, non-strategic assets. The transaction is accretive, as the building is untenanted, and reinforces SFL’s asset values, because the transaction price is consistent with the property’s most recent appraisal value.”
Raphael Raingold, Managing Partner of GCI said, “This acquisition is aligned with our strategic focus on building a portfolio of exceptional assets particularly well served by public transport, which need to be redesigned in accordance with the latest market standards. With our experience and success in the Opéra district, we are confident that this asset will attract blue-chip tenants. We are delighted to start a new partnership with Eternam, a leading real estate company that shares our vision.”
Jonathan Donio, Chief Operating Officer of Eternam said, “This transaction is an excellent opportunity for Eternam to strengthen its exposure in the CBD. With its prime location, history and architecture, the building has all the qualities required to be a success. We are pleased to be able to bring this property back to life with GCI, an internationally renowned player in the Paris office property sector.”
The buyers were advised by C&C Notaires, Archers, Fairway, BCLP, Europtima, HSF and GALM.
SFL was advised by Anne-Hélène Garnier (Oudot).
The transaction was carried out by CBRE under a joint exclusive mandate with JLL.
Financing was provided by Aareal, which was advised by Allez, and Archers.
About Générale Continentale Investissements
Created in 1975, Générale Continentale Investissements (GCI) is one of France’s leading commercial property developers and investors. GCI has invested alongside renowned international partners in over 1.7 million sq.m. of office and other commercial property, mainly in Paris, the Paris region, Lyon and London. Its investments have included renovation projects, new developments and acquisitions of tenanted buildings.
For more information, visit www.gci-site.com
Eternam is a regulated asset management company which operates on the whole real estate value chain: collective investment funds, club deals, investment advisory and residential investments. Its team of 18 professionals possess strong expertise in sourcing and structuring commercial real estate transactions, through its involvement in more than 40 club deals and 10 investment funds in the real estate and hospitality sectors. In the last five years, Eternam has invested more than €1.5 billion in equity and currently manages €700 million.
For more information, visit www.eternam.fr
Leader in the prime segment of the Parisian commercial real estate market, Société Foncière Lyonnaise stands out for the quality of its property portfolio, which is valued at €8.2 billion and is focused on the Central Business District of Paris (#cloud.paris, Edouard VII, Washington Plaza, etc.), and for the quality of its client portfolio, which is composed of prestigious companies in the consulting, media, digital, luxury, finance and insurance sectors. As France’s oldest property company, SFL demonstrates year after year an unwavering commitment to its strategy focused on creating a high value in use for users and, ultimately, substantial appraisal values for its properties.
Stock market: Euronext Paris Compartment A – Euronext Paris ISIN FR0000033409 – Bloomberg: FLY FP – Reuters: FLYP PA
S&P rating: BBB+ stable outlook