Société Foncière Lyonnaise and Predica in a new partnership
In a new partnership deal with Société Foncière Lyonnaise (SFL), Predica, a Crédit Agricole Assurances subsidiary has taken a stake in Parholding, acquiring the 50 per cent interest Ile-de-France Investissements previously owned.
Though its subsidiaries and affiliates, Parholding owns two building complexes in Paris:
• Nos. 104-110 Boulevard Haussmann in the eighth district. This complex has a total area of 12,500m², comprising 11,800m² in office space, 700m² of retail property, and an underground car park for 102 vehicles. It also houses the headquarters of La Mondiale Group.
• Nos. 82-90 Avenue des Champs Élysées in the eighth district. This building includes the Galerie des Champs Élysées shopping arcade with total retail space of 7,700m² after renovations, part of which will house a new H&M store, and a further 5,200m² in office space spread over five floors. The building also has an underground car park for 150 vehicles.
The European Commission approved the partnership on 25 September 2009.
Parholding also has a firm offer of a €172 million loan repayable by end December 2012 to refinance its existing debt and pay for renovations on the Galerie des Champs Élysées.
This new deal further strengthens ties developed between Predica and SFL over the past 10 years, notably through shared ownership of the Cézanne Saint-Honoré complex and the Washington Plaza business centre.