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Real Estate

Goldman Sachs to Carlyle Fix Up ‘Forgotten’ Paris Skyscraper Hub

La_Grande_Arche_de_la_Défense_and_the_Yaacov_Agam_Fountain_(1977)

 

  • La Defense business district rents lowest since 2007
  • About 12 percent of offices in district standing empty

La Defense in Paris may hold the title of Europe’s biggest business district, but its office blocks have been blighted by low rents, high vacancies and a glut of supply following the financial crisis.
Slumping values in the skyscraper hub that’s a 30-minute cab ride northwest of the Eiffel Tower are now tempting global real estate investors seeking cheap properties they can renovate, and that could benefit from an economic turnaround. Yields in the district are more than 5.5 percent, compared with an average 3.3 percent in central Paris.

 

Read the full story at Bloomberg, by Dalia Fahmy and Sharon R Smyth

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