Leading private equity real estate firm Benson Elliot Capital Management and Générale Continentale Investissements (“GCI”) announce the sale of Olympique and Opéra Italiens, after successfully completing value-add business plans on both assets.
Olympique is a modern office building located in the 13th Arrondissement of Paris. It offers 10,647 sqm of high quality office space, 88 parking spaces and an inter-company restaurant. Opéra Italiens, the flagship property of the Opéra portfolio, located in Paris’ 9th Arrondissement, was once the headquarters of French daily Le Monde and today is home to France’s Ministère de la Justice. The building is spread over 7,375 sqm of lettable office space and benefits from 78 parking spaces.
Rémi Monglon, Principal and head of Investment in France at Benson Elliot, said: “In the context of current market uncertainty, the sale of these buildings demonstrates that core product remains resilient and highly liquid. Creating core has been our strategy over the past few years and will remain our focus going forward.”
The sales follow a number of successful asset management initiatives including long term lease extensions on both buildings. At Olympique, a new nine year lease with Editis, one of France’s leading publishing companies, was recently signed, taking the building to full occupancy; at Opéra Italiens, the partners last year concluded a six year firm period with the Ministère de la Justice.
Sharon Raingold, managing director at GCI, said: “We are pleased that our knowledge of the French market and tenants’ needs, as well as our strong relationships with them, allowed us to complete our asset management strategies on both properties and achieve two successful exits.”
Benson Elliot and GCI were advised by BNP Paribas Real Estate, Cushman & Wakefield, L’Etude des Notaires du Quai Voltaire and Cabinet Gide.
About Générale Continentale Investissements
Générale Continentale Investissements (GCI) was created in 1975 has become one of the leaders in commercial real estate investment and development in France. GCI has always chosen top quality partners and has been involved in investments totalling over €2.5 billion and amounting to more than 1 million sqm of top quality office and other commercial property space in the main business districts of Paris, the greater Paris region and other major French cities. In the centre of Paris, these investments have incorporated prime renovation and reconstruction schemes, as well as new developments. Tenants include major national and international companies, and the French Administration.