Whether it’s the city’s nonchalant French style, the elegant buildings of its grand boulevards or the plethora of restaurants serving up fine food for business lunches, international investors have a long running love affair with Paris.
Over the last 10 years, they’ve accounted for two thirds of investments in Paris with its business district La Défense serving as the preferred home for their money.
American investors in particular have fallen for the city’s charms, accounting for $5.2 billion of funds flowing into the area.
These investments include some of the largest deals ever taken place in La Défense and Paris as a whole, such as the sale of Cœur Défense to Lone Star in 2014 for €1.3 billion ($1.46 billion).
At present, no less than 40 percent of the companies based in La Défense are American-owned and the area’s popularity is showing no sign of waning.
Investment banking giant Goldman Sachs and Altafund, an office property investment fund sponsored and operated by Altarea Cogedim, acquired the Pascal tower this year with the aim of redeveloping the building.
So where does its appeal lie?
“This market offers investors a highly attractive area: a mature and liquid market, redevelopment opportunities and is a target for major international occupiers,” explains Virginie Houzé, Research Director at JLL France.
“For example, Beacon Capital Partners bought AXA’s former tower as a redevelopment project as part of the ‘La Défense Renewal Plan’. The new tower, named First, was immediately leased to EY and Euler Hermès and achieved peak market rental values.”
ASEAN and EU conclude the world’s first bloc-to-bloc Air Transport Agreement
The AE CATA is the world’s first bloc-to-bloc air transport agreement and will bolster connectivity and economic development among the 37 member states of ASEAN and the EU.
The Association of Southeast Asian Nations (ASEAN) and the European Union (EU) and its Member States have concluded the negotiations on the ASEAN-EU Comprehensive Air Transport Agreement (AE CATA) at the Extraordinary ASEAN-EU Senior Transport Officials Meeting held virtually on June 2.(more…)
ASEAN Overtakes EU to Become China’s Top Trading Partner in Q1 2020
The Association of Southeast Asian Nations (ASEAN) became China’s largest trading partner in the first three months of 2020, surpassing both the EU and the United States.
Subscribe via Email
Thai baht becoming the region’s worst-hit currency in COVID pandemic
According to data from its tourism ministry as well as the World Bank, Thailand had only a little over 34,000...
Asia’s slow rate of vaccination is a thorn in the region’s economic recovery
Southeast Asia has been hit badly. Daily infections for Indonesia, Thailand, Vietnam are at their worst, on a seven-day moving...
TAT expects 850 billion baht ($25.7 bln) in tourism revenue after successful reopening
The Tourism Authority of Thailand (TAT) has set this year’s revenue target at 850 billion baht, 300 billion of which...
Download 1xBet mobile and play all over the world
Placing profitable bets or playing in a casino is now possible comfortably even without being tied to a computer. It...
3 ways Asia can recover from the COVID-19 pandemic faster
Countries in the East Asia and Pacific region will benefit from cooperation in three major areas: vaccine deployment, reviving sectors...