Benson Elliot Capital Management (“Benson Elliot”), the leading private equity real estate firm, and Générale Continentale Investissements (“GCI”) announce a new letting at the Olympique building, located in the 13th arrondissement, Paris. The new letting has taken the building to full occupation.
Editis, one of France’s leading publishing companies, has taken a nine year lease at the building, where it has been a tenant since 2004. The new letting increases the amount of space that Editis and its affiliates occupy to an area of around 8,000 sqm, which amounts to 80% of the building’s total capacity, as well as extending the length of the lease.
The Olympique building is a prime office building located at 9/35 avenue Pierre de Coubertin and benefits from excellent access to public transport. Offering a 10,647 sqm lettable area over ground and six upper floors, the building also has 88 parking spaces and an inter-company restaurant.
Benson Elliot and GCI acquired the property through a joint venture vehicle in 2007 as part of a portfolio acquisition.
During the last quarter of 2010, the joint venture also agreed new leases with France Telecom (776 sqm) and Socotec (300 sqm).
Remi Monglon, Head of Investment in France at Benson Elliot, commented: “These new leases are a testament to the resilience of demand for space at the Olympique building and demonstrate our capacity to secure long term tenant agreements in a competitive market.”
Sharon Raingold, Managing Director at GCI, commented: “The Olympique building is now fully let to very high quality tenants on comparatively long leases for the French market. As a result of these transactions, the asset is delivering secure long term cash flow which will increase the liquidity of the asset.”
Lawington Avocats advised the joint venture on the Editis letting. BNP Paribas Real Estate advised the joint venture on the France Telecom transaction.
For further information:
Remi Monglon, Principal
Sophia Matveeva, Communications
+44 (0) 20 7808 8900
Dido Laurimore / Will Henderson
+44 (0) 20 7831 3113
NOTES TO EDITORS
Benson Elliot Capital Management LLP (Benson Elliot) is a leading independent private equity real estate FSA regulated fund manager with over €700 million of assets and €850 million of equity under management. The firm has a pan-European investment approach and has transacted in the UK, Germany, France, Hungary, Slovakia, Spain, and Denmark. Benson Elliot holds a diversified real estate portfolio, currently comprised of office, retail, hotel and residential assets. Its holdings, through affiliates, include the Opéra Italiens in Paris, the 5-star Nikko Hotel in Dusseldorf and the newly built Novotel Edinburgh Park. The Benson Elliot team has experience in delivering superior risk-adjusted returns through active and innovative investment management and has successfully invested through market cycles. Benson Elliot is led by Marc Mogull and Trish Barrigan, who direct a team of senior industry professionals with experience in sourcing, underwriting and managing real estate investments throughout Europe and across all the major property sectors.
Benson Elliot was founded in 2005 to realise a vision for successful real estate investing in a changing market environment and has, from the start, worked with leading institutional investors. The firm launched its inaugural investment vehicle, Benson Elliot Real Estate Partners II, L.P., in April 2006, closing in August 2006 with commitments of more than €335 million. In 2009, Benson Elliot closed its second oversubscribed fund, Benson Elliot Real Estate Partners III, L.P., with commitments of over €500 million. Subsequently, Benson Elliot was awarded the 2009 European Fundraising of the Year prize by Private Equity Real Estate.
Benson Elliot Real Estate Partners II, L.P and Benson Elliot Real Estate Partners III, L.P. are not accepting new commitments from investors.
Générale Continentale Investissements
Générale Continentale Investissements (GCI) was created in 1975 by Paul Raingold and 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.