Real estate investment specialist Deka Immobilien has sold the Opéra Gramont office in Paris to Osae Partners for around €107 million.
The 8,200 square meter Opéra Gramont, at 14 rue du Quatre Septembre, consists of two 19th-century buildings, three landscaped courtyards and 57 parking spaces.
It has a Very Good BREEAM In Use sustainability certification.
The Central Business District property was part of the WestInvest ImmoValue portfolio, an investment fund designed for institutional investors.
It was acquired by Osae Partners on behalf of one of its discretionary funds. Osae Partners was advised by WARGNY KATZ, De Pardieu Brocas Maffei and also THEOP for the technical audit. Financing was provided by Crédit Agricole CIB, advised by ALLEZ & ASSOCIES – Notaires and also Gide Loyrette Nouel. The transaction was completed by Knight Frank, under a co-exclusive mandate with Eastdil Secured.
Opéra Gramont is fully leased to Coty, an international group specializing in perfumes and cosmetics.
Deka says, “With this sale, the fund management team is optimising the portfolio and achieving a gain on disposal for investors after a holding period of 13 years.”
DekaBank is the securities services provider of the German Savings Banks Finance Group (SparkassenFinanzgruppe). Together with its subsidiaries, it forms Deka Group. With total customer assets of more than EUR 381 billion (as at 31/12/2023) and around 5.5 million securities accounts, DekaBank is one of the largest securities services providers and real estate asset managers in Germany.
