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Report: Tishman Speyer sells commercial building in Paris to S. Korean investor

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Report: Tishman Speyer sells commercial building in Paris to S. Korean investor

Tishman Speyer Properties LP sold the Le Cristalia commercial building in a Paris suburb to JR AMC Co. Ltd. for 220 billion South Korean won, The Korea Economic Daily reported, citing sources with knowledge of the matter.

The South Korean trust manager carried out the transaction on behalf of Hana Financial Investment Co. Ltd. in a deal that is expected to yield 8.5% after euro/won currency hedging, according to the March 16 report.

The report added that the Seoul-based brokerage company injected an undisclosed amount of equity investment into a JR AMC vehicle for the purchase, with a plan to resell the investment to other domestic investors.

Le Cristalia is a seven-story building in the town of Rueil-Malmaison. U.S. pharmaceutical company Bristol-Myers Squibb Co. fully occupies the 20,222-square-meter property, the publication noted.

As of March 15, US$1 was equivalent to 1,134.62 South Korean won.