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Predica, a Crédit Agricole Assurances subsidiary, and Société Foncière Lyonnaise (SFL) have acquired co-ownership units in the building at 82/90 Avenue des Champs Elysées in the centre of Paris for €16.6 million excluding transfer costs. The acquisition was carried out through their joint subsidiary, Parholding. The vendor, Rivoli Avenir Patrimoine, is an SCPI real estate investment fund represented by Crédit Agricole Asset Management Real Estate. The units consist of two floors of offices representing some 2,500 square meters of usable space.
Following this transaction, Predica and SFL now own seven floors of offices in this building, as well as the Galerie des Champs Elysées shopping arcade which will offer 7,700 square meters of retail space once the current remodelling program has been completed.
Predica became a shareholder of Parholding in October 2009, when it acquired Ile-de-France Investissements' 50% stake. SFL has held the other 50% of the capital since 2002.