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.
- With 180,000 sq m of GLA, Coeur Défense is one of the largest European office
- 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.
- 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
- 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.
Lehman Brothers achieved their objective in a quick and efficient manner fully supported by
C&W analysis and reports.
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