Korea Investment & Securities, the Seoul-based investor, has purchased the new headquarters of Swiss pharmaceutical company Novartis in western Paris for a reported 480 billion won ($400 million; €383 million).
The seller was BNP Paribas Real Estate Property Development and the transaction is the first deal between the Paris-based firm and a South Korean investor.
The property, which was designed by Quadrifiore Architecture agency and developed by BNP Paribas Real Estate Property Development is located in the Rueil-sur-Seine business district, in the west of the French capital, and offers approximately 410,000 square feet of office space, spread over eight floors and four basement floors.
Construction of the building, which also contains a gym, a 200-seat auditorium, a business center and three restaurants, began in May last year with an expected delivery in December 2018. It is understood Novartis has signed a ten-year lease.
Neither firm provided a comment regarding the transaction.
The purchase is thought to be Korea Investment & Securities largest real estate outlay of 2016. Last year, the investor was reported to have acquired five overseas properties including the US Internal Revenue Service building in Philadelphia for 440 billion won; the Astro Tower in Brussels for 230 billion won; the Louisa Lawson Building in Canberra for 200 billion won; and the Amazon Fulfillment Center in Poland's Wroclaw for an undisclosed fee.
For the Novartis HQ deal, Thibierge & Associés and Lacourte Raquin Tatar advised BNP Paribas Real Estate, while Baker & Mckenzie and PWC acted on behalf of the investors.