Largest single asset transaction in real estate history

Acquisition of 100% of Coeur Défense office complex on behalf of Lehman Brothers / Atemi.

- Lehman Brothers / Atemi.

Brief

- With 180,000 sq m of GLA, Coeur Défense is one of the largest European office complexes.
- It was 100% owned by the consortium Unibail (49%) and Whitehall (Goldman Sachs) (51%) through the SCI Karanis.
- We were retained to advise Lehman Brothers / Atemi (French partner) on the acquisition of 100% of the shares of SCI Karanis.
- The sale was structured through a tender process managed by Goldman Sachs.

Strategy

- Through its knowledge of the Paris Market and specifically La Défense, Cushman & Wakefield was able to give precise forecasts on rental level evolution based on an analysis of the coming supply over the next 5 years.
- We also rationalized the risk due to potential vacancies of the main tenants through a full analysis of their occupation strategies in the Paris region and also through the identification of new potential occupiers.
- We built complex financial scenarios based on different assumptions of tenancy evolution and rental levels.
- The transaction was completed after only 10 days of due diligence in an accelerated process: the building was bought for € 2.1 billion which makes it the largest single asset transaction in real estate history.

Conclusion

Lehman Brothers achieved their objective in a quick and efficient manner fully supported by C&W analysis and reports.

For more information contact:

Olivier Gerard
+33 1 53 76 95 74
Olivier.Gerard@eur.cushwake.com

Services:

Capital Markets

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