Predica, a Crédit Agricole Assurances subsidiary, and Société Foncière Lyonnaise (SFL) have become joint owners of a building in Paris for EUR 16.6 mln excluding transfer costs. The acquisition was carried out through their joint subsidiary, Parholding. The vendor, Rivoli Avenir Patrimoine, is an SCPI real estate investment fund represented by Crédit Agricole Asset Management Real Estate.

Following this transaction, Predica and SFL now own seven floors of offices in this building, as well as the Galerie des Champs Elysées shopping arcade which will offer 7,700 m2 of retail space once the current remodelling programme has been completed. The building is located at 82/90 Avenue des Champs Elysées in the centre of Paris. The units consist of two floors of offices representing some 2,500 m2 of usable space.

Predica became a shareholder of Parholding in October 2009, when it acquired Ile-de-France Investissements’ 50% stake. SFL has held the other 50% of the capital since 2002.

Predica is the life insurance company of Crédit Agricole Assurances, the insurance arm of lender Crédit Agricole. SFL has an office and retail portfolio valued at nearly EUR 3.3 bn, concentrated primarily in the Paris Central Business District.