The Public Sector Pension Investment Board, alongside global real estate developer Tishman Speyer Properties, is selling Parisian office building Tour Pacific to Société Générale Insurance Group.

After taking on the 53,000 square metre office building in 2013, the two investors renovated and refurbished it, adding 30 tenants. The building features a office spaces, a conference centre, fitness space and lounge. The amount of the transaction was not disclosed.

Read: CPPIB diversifies European real estate portfolio with British build-to-rent investment

“Tour Pacific is an exemplary case of PSP’s ability to align itself with best-in-class partners to execute on tactical value creation strategies in core global markets,” said Stéphane Jalbert, managing director of real estate for Europe and Asia Pacific at the PSP. “Tour Pacific was modernized through a comprehensive refurbishment to meet the demands and expectations of today’s tenants, while taking advantage of the unique building design and vibrant La Défense submarket.”

Philippe Joland, senior managing director and president of Tishman Speyer France, noted the company’s goal was to create an appealing office building with new services and amenities, as well as a great work environment. “We also believe that managing the asset directly creates additional value through the development of a unique relationship with the tenants,” he said. “Tour Pacific has become a long-term, high-quality asset with a core profile as evidenced by the sale to Société Générale Insurance.”

Read: Pension funds with hefty real estate allocations on the rise: survey

Copyright © 2018 Transcontinental Media G.P. Originally published on benefitscanada.com

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