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Sat 25 Jan 2020 12:49 AM

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Saudi's Sedco acquires prime Paris office development

Sedco Capital has announced that it has partnered with Inovalis Group to acquire the Convergence building in Rueil-Malmaison, the extension of Paris La Defense

Saudi's Sedco acquires prime Paris office development

The site, situated at 17-19 rue des Deux Gares, has seven floors and provides office and services space as well as retail and parking.

Saudi-based Sedco Capital has announced that it has partnered with Inovalis Group to acquire the Convergence building in Rueil-Malmaison, the extension of Paris La Défense.

The property boasts more than 25,000 sq m of office space and is fully let to Danone, a statement said without giving a value for the deal.

It added that the development of the Convergence building was launched by Inovalis in 2005 when it acquired full ownership of the site. Work began in 2018 and is projected to complete in May 2020.

The site, situated at 17-19 rue des Deux Gares, has seven floors and provides office and services space as well as retail and parking.

Danone has leased the entire building for a 12-year term.

Samer Abu Aker, CEO at Sedco Capital, said: “This acquisition is perfectly aligned with our strategy of targeting opportunities in the most liquid European markets offering sustainable returns and opportunity for growth over the long term.”

Sherif Selim, executive vice president and head of Global Real Estate at SEDCO Capital, added: “Paris continues to be an attractive destination and the office market continues to experience growth from occupiers. We believe that the transport-oriented location along with the superior quality of the building space and amenities means we will see future growth.”

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