SEDCO Capital partners with Inovalis to acquire Paris property

Global asset manager SEDCO Capital partnered with Inovalis Group to acquire the Convergence building in Rueil-Malmaison, the extension of Paris La Défense, which boasts more than 25,000 square meters of office space and is fully let to Danone.

The development of the Convergence building was launched by Inovalis in 2005 when it acquired full ownership of the site and commenced the demolition of the existing obsolete building in association with developer Pitch Promotion.

Work began the fall of 2018 and is projected to complete in May 2020.

The building has 7 floors and will provide 24,997 square meters of office and services space as well as 255 square meters of retail space, along with 330 parking spaces.

“This acquisition is aligned with our strategy of targeting opportunities in the most liquid European markets offering sustainable returns and opportunity for growth over the long term,” Samer Abu Aker, Chief Executive Officer at SEDCO Capital, said. 

SEDCO Capital, licensed by Saudi Capital Market Authority (CMA), was advised by the notary firm Oudot et Associés, the law firm Linklaters as well as by Workman Turnbull for the technical audit.

The financing is provided by BayernLB and PBB Deutsche Pfandbriefbank.