SFO Capital Partners and L'Etoile Properties sell prime Paris office building to Deka Immoblien
London-based global real estate investment company, SFO Capital Partners and L’Etoile Properties have completed the sale of 17 Avenue Hoche, Paris, to Deka Immobilien.
The sale comes just two and a half years after SFO Capital Partners and L’Etoile Properties acquired the building. Following an extensive redevelopment, Avisa Partners, a leading cyber security firm, signed a 12-year lease agreement in July 2020 and is planning to move its headquarters into the building upon completion of the refurbishment in Q3 2021.
Paris-based studio Axel Schoenert Architectes was appointed to redesign the 2,470 sq m space, creating a refurbished façade, outdoor spaces, bright floors offering great flexibility in layout, and two terraces with 360-degree views of Paris. The redeveloped building has achieved BREEAM Good and BBC Rénovation energy certifications.
As a result of the successful restructuring and repositioning program conducted by SFO Capital Partners and L’Etoile Properties - including a full refurbishment of the prestigious building and increase of the area - DEKA IMMOBILIEN now benefits from a newly renovated building with a stable long income stream.
Located in the heart of Paris’ Central Business District, 17 Avenue Hoche demonstrates SFO Capital Partners’ selective European commercial value-add investment strategy which focuses on creating value through acquisition of capital-starved assets ripe for investment and repositioning. SFO Capital Partners has acquired over USD500 million of real estate assets in key European cities.
Mohamad Abouchalbak CEO of SFO Capital Partners says: “Having transformed the building during the global pandemic and secured a prestigious tenant Avisa Partners, together with L’Etoile Properties we are delighted to have now completed the sale of 17 Avenue Hoche to Deka Immobilien. The sale demonstrates SFO Capital Partners’ ability to reposition assets in core business areas and quickly and efficiently add value for our investors. We remain focused on this and continue to look for future assets to apply SFO Capital Partners’ value-add approach in refurbishing assets and creating returns for our investors.”
Guillaume Unglick Managing Director of L’Etoile Properties says: “We are delighted of the result of this partnership that underpins our joint ability to deliver superior quality assets in the midst of a global pandemic and a French lockdown that started couple of months after our acquisition. Our experienced and agile approach enable us to secure a leading firm in its industry on a long-term lease and subsequently selling the asset to Deka Immobilien. We look forward to expanding the partnership in other opportunities”
For the sale, SFO Capital Partners and L’Etoile Properties were advised by 1768 Notary, JLL and Strategies & Corp.