Baker McKenzie has been involved in the structuring, financing and acquisition by a professional real estate investment fund (OPPCI) held by leading South-Korean investors, represented by Etoile Properties, of a 49% stake in the company holding the Egho tower. The amount of the transaction was EUR 365 million, based on a total asset value of EUR 745 million excluding duties.
A purchase option for the remaining stake (51%) in the company has been granted by the seller to be exercised by December 2020.
Located on the edge of the Boulevard Circulaire which runs around Paris La Defense, Tour Eqho represents a total of 78,500 square meters in offices and services and 1,110 parking spaces. It is fully rented out to top rate tenants with an average lease term of nearly seven years as of 30 June 2019.
The South Korean investors and Etoile Properties were advised by Baker McKenzie with Marc Mariani, Eva Leygonie, Fabrice Varandas and Kelly Ruster on legal aspects and by Virginie Louvigne and Romain Marroux on tax aspects. Virginie Jacquet, 1768 Notaires, worked on notary aspects.