Blackstone among bidders for US$800mil Paris office property
LONDON: Blackstone is among several bidders shortlisted to buy a more than century-old office block in Paris with a price tag of 700 million euros (US$800 million), a source familiar with the matter told Reuters, in what would be one of Europe's biggest post-pandemic office sales.
The CityQuartier Trocadéro building is in a prime location in the 16th arrondissement near the Arc de Triomphe and was put up for sale by the owner, Germany's Union Investment, in March.
Real estate investor Hines also made the cut, while Commerz Real, owned by Germany's Commerzbank, also put forward a bid that was unsuccessful, separate sources said. All sources declined to be named citing the sensitivity of the process.
Global office prices were crushed after the COVID-19 pandemic upended working patterns, but return-to-office mandates have started to improve the picture, with investors warming to buildings seen as trophy assets in desirable locations.
Built in 1913, the 444,000 square feet Paris block also contains 57 luxury apartments, catering and cafes. It was originally owned by French bank Societe Generale before being sold to Union in 2003.
Investors have submitted bids in recent days, with some coming in under the asking price and closer to 650 million euros, the first source said. The process is still live and there can be no guarantee a deal is reached.
A spokesperson for Union Investment confirmed that it had shortlisted investors and said it had excluded offers below 650 million euros. It declined to comment on individual bidders.
Blackstone, Hines and Commerz Real declined to comment.
Property publication Green Street News first reported that bidders had been shortlisted, and that others included AXA IM, Tishman Speyer and a joint venture between Norges Bank Investment Management (NBIM) and Generali.
NBIM declined to comment, while the other investors named by GSN were not immediately available for comment.
The building's offices are 98 per cent let and home to tenants including watchmaker Swatch Group, chocolatier Lindt & Sprüngli and law firm Reed Smith.
Office sales in Europe last year slumped to their lowest level since 2009 and transaction levels have remained subdued this year, according to MSCI data.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
3 hours ago
- New Straits Times
US-China trade talks to resume in seven days: White House
WASHINGTON: Trade negotiations between US and Chinese officials are expected to resume within seven days, following a phone call between President Donald Trump and President Xi Jinping. The discussions will place particular emphasis on rare earth minerals, White House Trade Adviser Peter Navarro confirmed on Friday. "We expect that a meeting will take place within seven days," Navarro told reporters at the White House, commenting on the timeline of the next round of trade talks. Navarro stated that Trump has been clear that "the rare earth issue will be key to that negotiation", as reported by Sputnik/RIA Novosti. The US delegation will include Trade Representative Jamieson Greer, Treasury Secretary Scott Bessent, and Secretary of Commerce Howard Lutnick, according to Navarro. The advisor also mentioned that Thursday's call between Trump and Xi lasted approximately 90 minutes, during which both leaders demonstrated "a very clear understanding" of the expected outcomes of the upcoming discussions. Trump later shared on Truth Social that he had discussed "some of the intricacies" of the US-China trade deal with President Xi. He also announced that he had accepted Xi's invitation to visit China and extended a reciprocal invitation. Following high-level trade and economic talks in Geneva earlier in May, Washington and Beijing agreed to lower reciprocal tariffs by 115 percentage points each for 90 days. The US has reduced tariffs on Chinese goods from 145 per cent to 30 per cent, while China has cut tariffs on American imports from 125 per cent to 10 per cent. Later that month, Trump accused China of "totally violating" the Geneva agreement and remarked that "it is extremely hard" to reach a deal with Beijing.–BERNAMA
New Straits Times
3 hours ago
- New Straits Times
US, China officials clash at Shanghai business event
SHANGHAI: US and Chinese officials traded barbs at a celebration held by a US business chamber in Shanghai on Friday, as the chamber appealed to both countries to provide more certainty to American businesses operating in China. Scott Walker, consul general of US consulate in Shanghai, told a gathering of US businesses aimed at celebrating the 110th anniversary of the American Chamber of Commerce (AmCham) in Shanghai that the US-China economic relationship had been unbalanced and non-reciprocal "for far too long." "We want an end to discriminatory actions and retaliation against US companies in China," he said. In a speech that directly followed Walker's, Chen Jing, a Shanghai Communist Party official who is also the president of the Shanghai People's Association for Friendship with Foreign Countries, countered Walker's view. "I believe the consul general's view is prejudiced, ungrounded and not aligning with the phone call of our heads of states last night," he said. The interaction reflects the continued strained relationship between both countries as the trade war continues to simmer. US President Donald Trump and Chinese leader Xi Jinping spoke over a long anticipated call on Thursday, confronting weeks of brewing trade tensions and a battle over critical minerals. Trump later said they agreed to further talks. It came in the middle of a dispute between Washington and Beijing in recent weeks over "rare earths" minerals that threatened to tear up a fragile truce in the trade war between the two biggest economies. The countries struck a 90-day deal on May 12 to roll back some of the triple-digit, tit-for-tat tariffs they had placed on each other since Trump's January inauguration but the deal has not addressed broader concerns that strain the relationship and Trump has accused China of violating the agreement. Eric Zheng, president of AmCham Shanghai which counts over 1,000 companies among its membership, told reporters on the sidelines of the event that many companies had put their decision-making on pause due to the uncertainty. "People are looking for some more definitive, durable statements on both sides that enable businesses to feel more secure," he said.
The Star
4 hours ago
- The Star
Vietnam bride gifted lavish dowry of 100 civet cats worth US$70,000 to generate future income
BEIJING (SCMP): A Vietnamese woman who received a lavish dowry from her parents of 100 civet cats, gold bars, cash, company shares and several high-value properties has shocked social media. The unidentified 22-year-old comes from southwestern Vietnam and was married last May. As part of her dowry, her parents gave her 100 female civet cats, all capable of breeding, with an estimated total value of 1.8 billion Vietnamese dong (US$70,000). It also included 25 taels of gold, 500 million dong (US$20,000) in cash, company shares worth 300 million dong, seven properties and other valuable assets. In return, the groom's family offered a bride price of 10 taels of gold, 200 million dong in cash and diamond jewellery. Dowries remain an important tradition in many Asian countries, symbolising family wealth and the parents' commitment to supporting their daughter's new life. The bride's father, Hong Chi Tam, said that all his children have taken over the family business after graduating from university, and he wanted his daughter to own assets that could generate income. He said he would fully support her decision, whether she chose to raise the civet cats or sell them. 'My daughter is a business school graduate. She is fully capable of managing these assets. No matter the method, it ensures her financial independence,' Hong said. Civet cats are a valuable asset in Vietnam. A female that has given birth can be worth around 18 million dong (US$700), while a pregnant one can fetch up to 27 million dong. Their value partly comes from their role in producing Kopi Luwak coffee, which is considered one of the most expensive coffees in the world. The animals eat ripe coffee cherries, which then pass through their digestive system, producing beans that are collected, cleaned, processed and roasted. In addition to their role in coffee production, civet meat is also seen as a luxury food in China and Vietnam and has been used in traditional Chinese medicine. However, according to World Animal Protection International, civet cats are often captured from the wild using harmful methods such as box traps and snares. To fuel the industry, they are then sold to farms, where they are kept in small cages and fed poorly in stressful conditions, leading to self-harm, injury and an early death. The story, reported by ETtoday, drew a mixed online reaction. One online observer said: 'While people in China are still competing over cash dowries, Vietnamese tycoons are already giving away entire industry chains as dowries.' Another said: 'This is the real way to raise a daughter. Teaching her to fish is better than giving her a fish.' However, a third said: 'Behind the luxury is animal exploitation. We should reflect on the ethics of using wildlife in business and marriage transactions.' - South China Morning Post/ANN
