ADIA Purchases 90 Boulevard Pasteur
French financial institutions are seeking to lighten up their balance sheets and recycle capital, selling off real estate assets to investors. Sovereign wealth funds and public funds have been buying properties in core markets such as London, Paris and New York. City allocation has been preferred over country allocation for office properties.
The Abu Dhabi Investment Authority (ADIA) has purchased 90 boulevard Pasteur, a property based in Paris through LaSalle Investment Management. It was estimated the Parisian office was bought for €250 million from Crédit Agricole. ADIA has been active in the Paris institutional real estate market, partnering with real estate managers to buy assets. Pascal Duhamel, the former chief executive officer of Carrefour Property, heads ADIA’s real estate investments in Europe.
Amundi, an asset management subsidiary of Crédit Agricole, has signed a 9 year fixed lease on the property.