LaSalle acquires the €320M Alto Development Project in La Défense, Paris
LONDON (February 10, 2016) – LaSalle has acquired the Alto Development Project in La Défense, Europe’s largest purpose built business district, with a total development value of €320 million on behalf of a Middle Eastern Sovereign Wealth Fund.
The new property, which will be delivered in 2020, will be built by French contractor ‘Bouygues’ and will offer 51,000 sqm of grade A office space with double green certification and low energy consumption label.
Located at the entrance of La Défense, this development scheme consists of the acquisition of an existing building ‘Les Saisons’ before its demolition to build a 39 storey office tower. Construction of the project is expected to commence in mid-2016. La Défense is Paris’s premier business district with the highest concentration of headquarters in Europe, offering quick and direct access from Paris through excellent public transport links.
Karim Habra, Head of France of LaSalle Investment Management, said, “This acquisition is an excellent example of our value-add investment strategy, focusing on opportunities in strong French business locations, with a robust appetite for similar opportunities in the future. Over the last 12 months we have been involved in transactions in France worth €1.5 billion, achieving attractive returns for our clients, which is testament to our in-depth market knowledge and expert investment approach.”
Simon Marrison, European CEO of LaSalle Investment Management, added, “This purchase offers an excellent opportunity to build a quality high rise office tower in one of the largest and most dynamic European business hubs. It is another example of LaSalle’s strategy of creating Core properties in Demographics, Technology and Urbanisation-rich European locations. Paris La Défense is a top DTU proposition, with a strong occupier and investment market.”