The Valesco Group has bought Accor’s global HQ tower in Paris for €460m in what it claims is the largest office deal in continental Europe so far this year.
The group’s acquisition of the 26-storey, 43,027 sq m [circa 463,000 sq ft] Sequana Tower via a sale and leaseback deal is the first made by Valesco’s new fully discretionary fund, which had a recent first close anchored by sovereign capital.
The property is fully let to Accor on a 12-year term without breaks and generates €22m of contracted rent per annum. The amenity provision at the tower, which is located in the Issy-les-Moulineaux commune, includes a concierge service, a gym and spa, an auditorium, multiple cafeterias and breakout areas, an executive restaurant on the top floor as well as various terraces.
Shiraz Jiwa, founder and CEO of The Valesco Group, said: “Sequana Tower represents the latest addition to our growing portfolio of mission critical, future-proof landmark assets. In Accor, with whom we have a very strong working relationship, we have added a global hospitality behemoth with a highly differentiated offering led by exceptional management, to our tenant roster.
“The collective market cap of our occupiers now exceeds €4tn. Our deep experience of executing during complex times against a backdrop of macro uncertainty, combined with our conviction on the real estate fundamentals underpinning this Parisian HQ tower, has enabled us to close this year’s largest continental European office deal and France’s largest since 2021.
“Mission critical offices have a vital role to play in the performance of corporates and in the development of talent. Their essence is to create an ecosystem and environment where talent can thrive and self-actualise whilst delivering for the collective – there must be a return on experience in any future proof office along with sustainability at its core. With Sequana being the first investment by our new discretionary fund, we continue our drive to deploy into further differentiated product in Paris and other European gateway cities.”
Foucault de La Rochere, chief efficiency officer at Accor, added: “We are delighted to have completed this transaction with a best-in-class partner like Valesco. This sale reflects both our ability to execute strategic initiatives on behalf of shareholders and the quality of our signature. Accor is proud to occupy the iconic Sequana Tower and we are confident that we will continue to build on our very strong partnership with Valesco in the coming years.”
Valesco was advised by Clifford Chance (legal), Lasaygues (notary), PwC (tax), Drees & Sommer (technical) and Elan (ESG).
