BlackRock has sold Le Madeleine to Norges Bank Investment Management for EUR425.6 million (NOK3.46 billion) marking the end of a transformation for one of Paris’ landmark commercial properties.
Le Madeleine is situated in a prime central Paris location facing Le Madeleine church and with direct metro access.
It was acquired by the BlackRock Europe Property Fund III in 2009 and has undergone a total redevelopment. BlackRock has invested significantly in the 31,500 square metre property overseeing the refurbishment of the retail space and façade, and creating a new office lobby.
In the last five years new retail and office leases have been signed with eight tenants including Chanel, Visa and C&A.
Jean-Philippe Olgiati, director of BlackRock Real Estate in France, says: “With Le Madeleine we have completed a complex redevelopment project. The acquisition was made when there was little liquidity in the market, but we feel the building is now transformed into both a fantastic place to do business and also an excellent core asset for institutional investors. We are committed to being active in the market and are assessing future opportunities to deploy capital in France and generate returns for our clients.”
BlackRock was advised by King & Spalding, Racine, Etude Brulon, Catella and JLL.