Unibail and Whitehall Funds have sold Coeur Defense in Paris, Europe's largest single office block, to Lehman Brothers Real Estate Partners and 
French property company Atemi for a total of 2.11 bln eur. This amount makes it the largest single office asset transaction in Europe in 2006. It also has a record high yield: generating 102.3 mln eur rent yearly, Coeur Défense has a net yield of 4.8%. The asset is a record in terms of valuation as well: in just three years and without any renovation expenditures its value increased by 56%. It also seems that the deal has been made at a record speed, just 10 days (according to Businessimmo).
French property company Atemi for a total of 2.11 bln eur. This amount makes it the largest single office asset transaction in Europe in 2006. It also has a record high yield: generating 102.3 mln eur rent yearly, Coeur Défense has a net yield of 4.8%. The asset is a record in terms of valuation as well: in just three years and without any renovation expenditures its value increased by 56%. It also seems that the deal has been made at a record speed, just 10 days (according to Businessimmo). Unibail and Whitehall respectively owned 51 %and 49 %of the building.
It appears that Unibail records an accounting profit of 226 mln eur, having invested 158.7 mln eur equity in the project.
The transaction shows the emergence of a new important actor on the European scene, Lehman Brothers Real Estate Partner that operates in France via Atemi.
Sources: Forbes.com, Businessimmo.info
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