Lehman €2.11bn. euro Paris buy

THE largest office complex in Europe, Coeur Defense, located in Paris, has been purchased by Lehman Brothers Holdings and a French partner, Atemi, for €2.11 billion euro.

Unibail Holding, and real estate funds managed by Goldman Sachs, were the vendors.

The massive office complex, in Paris‘ financial district of La Defense, has more than 182,000 sqm of office space.

Designed by Jean-Paul Viguier and completed in 2001, Coeur Defense consists of two 180-metre towers as well as three other buildings.

Major tenants include Société Générale, ING Group, Microsoft and AXA Investment Managers.

Unibail, the largest French real estate investment trust, sold 51% of the complex to the Goldman-run Whitehall funds back in July 2004 retaining a 49% stake.

In 2004, Coeur Defence was valued at €1.35 billion.

The Paris based Unibail book’s profit of about €350 million on the sale.

Coeur Defense replaced the former Esso Tower, the first building of the old generation to be destroyed in La Défense

Australian Property Journal