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Jul. 2017
Real Estate

LBO France completes the sale of West Park office building to AXA IM – Real Assets

Paris, 3 July 2017 – LBO France announced today that it has successfully completed the sale of its WEST PARK office building to AXA Investment Managers – Real Assets (AXA IM – Real Assets).

Originally built in the 1980s, WEST PARK was acquired in October 2015 by White Stone VI, a fund managed by LBO France which then launched an extensive refurbishment programme of the asset, due for completion by the end of 2017. As previously announced by LBO France in March 2017, WEST PARK has been fully pre-let to Groupama on a 12-year firm lease and will be 1 of the 5 buildings of the future 55,000 sqm campus where the French insurance group plans to gather c.3,200 of its employees over the coming months.

Overlooking the Terrasses de l’Arche in Nanterre, next to Nanterre Préfecture station on the RER A commuter line and the future Grand Paris Nanterre La Folie hub station, WEST PARK is an office building offering 20,100 sqm, spread across 11 floors, including 3 underground levels with a combined parking capacity of c.200 places. Arranged around a landscaped patio, the complex offers its future users a prime location alongside the green corridor now connecting the Terrasses to La Défense, the main business district of Western Paris. WEST PARK boasts a dual environmental certification (NF Bâtiment Tertiaire Démarche HQE and BREEAM “Very Good”) and an “excellent”-level BBC Effinergie label, fully in line with LBO France’s ESG initiatives and commitments.

Stéphanie Casciola, Partner, Head of Real Estate at LBO France, commented: “We are extremely pleased to have turned a complex yet promising real-estate project such as WEST PARK into an attractive and successful investment. Again, this clearly demonstrates LBO France’s offensive and value-added strategy on the French office market and its ability to identify and restructure promising assets in areas with substantial turnaround potential, and always with a clear focus on long-term sustainability.”

As part of the invitation to tender led by CBRE Capital Markets, mandated on a co-exclusive basis with SAVILLS France, LBO France (Stéphanie CASCIOLA, Julien ROUILLON) was advised by law firms ORRICK (Patrick TARDIVY) and KRAMER LEVIN (Pierre APPREMONT), notarial practice MONASSIER, BURTHE-MIQUE et Associés (Guillaume PALAIS) and works project management and technical assistance company ROM (Hervé ROUX).

AXA IM Real Assets (Antoine MESNAGE, Luc MERIGNEUX) was advised by law firm DEPARDIEU (Paul TALBOURDET, Emmanuel CHAUVE), notarial practice CHEVREUX (Jean-Félix FERRUS) and works project management and technical assistance company THEOP (Sébastien ALPHAND).

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About LBO France

As a key player in private equity with €3.6bn of capital under management, LBO France is an independent company that has been supporting French companies in their growth for more than 30 years. Its strategy is based on 4 investment approaches in non-listed assets, managed by dedicated teams: (i) Mid Cap buyout through the White Knight funds and Small Cap buyout through the Hexagone funds, (ii) Innovation-Capital through the Innovation Capital funds, (iii) Real Estate through the White Stone and Lapillus funds, (iv) Debt. LBO France is 100%-owned by its management and employs almost 60 professionals

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