LaSalle E-REGI Fund acquires office building at 25 Rue de Clichy in Paris
LaSalle has acquired an office building for its LaSalle E-REGI fund. The property is located on the 25 rue de Clichy in the 9th arrondissement of Paris. This is the fifth acquisition so far for the fund in 2017 and will increase its gross asset value to €625 million.
25 Clichy is a landmark office property of 4,656m2 and is fully occupied by the Belgian chemical company Solvay. Built in the 19th century, the building is exceptionally well-placed at the edge of the Central Business District, within the new Paris "Tech Cluster" and a few minutes walk from the Gare Saint-Lazare transport hub (5 metro lines, suburban and regional connections via RER and TER services).
This HQ-style building offers high-end features and amenities which are rarely found in one property of this size : a 650 m2 private garden with patio, an auditorium with 110 seats, a staff restaurant and cafeteria and a private 78-unit car park.
LaSalle E-REGI fund is an open-ended pan-European real estate fund, launched by the specialist investment company LaSalle Investment Management Kapitalverwaltungsgesellschaft mbH (“LaSalle KVG”), which is 100% owned by LaSalle GmbH, and has attracted investment from a number of major institutional investors. It aims for stable income return from a diversified core portfolio (office, retail, logistics) in transparent markets. The investment strategy is based on a quantitative model, the European Regional Economic Growth Index (E-REGI) which has been developed by LaSalle since 1999, and identifies the cities and regions across Europe that have the greatest economic growth potential over the short to medium term. The Fund also includes additional screening filters such as JLL`s Global Real Estate Transparency Index and the minimum market size.
Uwe Rempis, Fund Manager at LaSalle Investment Management, said: “This acquisition will be the second that the fund has made in France to date and will provide a greater level of diversification for the portfolio with a very core office building. The asset is excellently located at the edge of Paris’ CBD and is a highly attractive office building.”
Karim Habra, Head of Continental Europe at LaSalle Investment Management, said: “This acquisition fits well with LaSalle’s ability to source core high quality assets with upside potential whilst remaining rigorous on the location. Alongside the acquisition of Infinite in Paris CBD, earlier this year, this project underlines the ability of our team in France to find prestigious properties in prime central locations.”