Saudi's Sedco acquires prime Paris office development

Saudi’s Sedco acquires prime Paris office development

Published on Monday, 27 January , 2020 675 Views

Business

#Convergence building #Paris #Sedco Capital

Saudi-based Sedco Capital has announced that it has partnered with Inovalis Group to acquire the Convergence building in Rueil-Malmaison, the extension of Paris La Défense.

Marriott CEO says success isn’t guaranteed, but optimistic on balance in KSA

Vast wealth and the promise of dramatic change make for cautious optimism concerning Saudi Arabia, the chief executive…

The property boasts more than 25,000 sq m of office space and is fully let to Danone, a statement said without giving a value for the deal.

It added that the development of the Convergence building was launched by Inovalis in 2005 when it acquired full ownership of the site. Work began in 2018 and is projected to complete in May 2020.

The site, situated at 17-19 rue des Deux Gares, has seven floors and provides office and services space as well as retail and parking.

Danone has leased the entire building for a 12-year term.

Samer Abu Aker, CEO at Sedco Capital, said:

“This acquisition is perfectly aligned with our strategy of targeting opportunities in the most liquid European markets offering sustainable returns and opportunity for growth over the long term.”

Sherif Selim, executive vice president and head of Global Real Estate at SEDCO Capital, added:

“Paris continues to be an attractive destination and the office market continues to experience growth from occupiers. We believe that the transport-oriented location along with the superior quality of the building space and amenities means we will see future growth.”

Centro Olaya by Rotana Hotel unveiled in Riyadh

CENTRO Olaya, the sixth by Rotana Hotel in Saudi Arabia and the third in Riyadh, was inaugurated on…

Keywords: Convergence building Paris Sedco Capital
Category Business | 2020/01/27 latest update at 11:18 AM
Source : Arabian Business | Photocredit : Google

676 Views
Comments Add comment

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.