Commercial property reaches new heights for investors

France’s tallest skyscraper has been purchased by the real estate subsidiary of the global insurer Axa.

At 231 metres and housing over 80,000 square metres of office space, La tour First has been a feature of the Paris skyline since it opened in 1974. The repurchase was conducted with two subsidiaries of the owner, the US investment fund Beacon Capital Partners, via a “share transfer transaction,” said Axa IM in a statement.

According to a source close to the case, the transaction is around 800 million euros and the investors are looking a more leading real estate assets in Europe. It demonstrates “the prospects offered by the Paris office market,” said Pierre Vaquier, CEO of AXA IM – Real Assets, said in the statement.

The building was renovated to the tune of EURO 300 million between 2007 and 2011 and currently leased to two large international companies, the audit firm Ernst and Young and the credit insurer Euler Hermes.