SFL Acquires SMA's Historical Headquarters Building in Paris
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SFL (Paris:FLY) has entered into a €165 million deal to acquire the historical headquarters building of the SMA group (SMABTP, SMAvie). The building occupies a prime site at 112-122 avenue Emile Zola, in the heart of Paris's 15th arrondissement . It is surrounded by a mix of residential and commercial real estate and is well served by public transport.
Contracts will be exchanged when SMA moves to its new headquarters in the fourth quarter of 2017.
The roughly 21,000-sq.m. building dating back to 1966 stands on a 6,300-sq.m. plot featuring a tree-filled garden that offers a wide range of options. SFL intends to restructure the property as a new major business centre in the west of the capital.
With this acquisition, SFL is pursuing its value creation strategy and confirming its leadership of the Paris prime office property market as well as its aim of offering current and future clients the best possible work environment for developing their businesses and attracting talent.
"We are focusing on making targeted acquisitions of completely outdated office properties in high potential districts that we can redevelop and put back on the market as prime new products aligned with current expectations and office use practices," said Dimitri Boulte, SFL's Managing Director and Chief Operating Officer.
In this transaction, SFL was advised by the Lacourte Raquin Tatar and Allen & Overy law firms and 14 Pyramides, a notary's office. SMA was advised by the Gide Loyrette Nouel and CMS Francis Lefebvre law firms, as well as notary's office Oudot et Associés and real estate advisors Stratégies & Corp and JLL.
Leader on the prime segment of the Parisian tertiary real estate market, Société Foncière Lyonnaise stands out for the quality of its property portfolio, which is valued at €5.5 billion and is concentrated on the Central Business District of Paris (Louvre Saint-Honoré, Edouard VII, Washington Plaza, etc.), and for the quality of its client portfolio, which is composed of prestigious companies in the consulting, media, digital, luxury, finance and insurance sectors.
Stock market: Euronext Paris Compartment A – Euronext Paris ISIN FR0000033409 – Bloomberg: FLY FP – Reuters: FLYP PA
S&P rating: BBB stable outlook
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