AXA IM – Real Assets acquires West Park office building in Paris (FR)

Advising AXA IM – Real Assets, a global leader in real asset investments and the leading real estate portfolio and asset manager in Europe, in connection with the acquisition of West Park, a fully pre-let office building in Paris, France, from LBO France. The acquisition has been made on behalf of AXA Selectiv’ Immo, a retail fund accessible to French retail investors mainly through life insurance contracts distributed by AXA France.

The 20,100 m² Grade A office building is spread across 11 floors, including three underground levels, with combined parking space for c.200 cars. Originally constructed in the 1980s, the asset is currently undergoing an extensive refurbishment, due for completion in Q4 2017, and has been fully pre-let on a 12-year fixed lease to French insurance group, Groupama.

West Park is located on Boulevard de Pesaro in the western part of the La Défense business area of Paris, with local occupiers including a host of international financial and insurance companies. The building benefits from good transport infrastructure with direct access to the A86 highway, and is a short walk away from the Nanterre Préfecture station which links to Paris La Défense, France’s busiest multimodal transportation hub. The area will also benefit from the Grand Paris metro extension project.