Hotel group Accor has completed the sale of its global headquarters, the Tour Sequana, located in Issy-les-Moulineaux, France, to London-based asset manager Valesco Group, representing Asian investors. The building, formerly known as the Tour Mozart and previously housing Bouygues Telecom’s headquarters, was acquired by Accor in 2018, as reported by Les Echos.
Spanning 43,000 square meters over 26 floors, it was designed by the American architectural firm Arquitectonica. The transaction, valued at €460 million, was structured as a sale-leaseback agreement, with Accor committing to a 12-year lease and an annual rent of €22 million. The deal also included an existing shareholder loan of €100 million.
This operation aligns with Accor’s “asset-light” strategy and is a significant transaction, considering that Accor had purchased the building four years ago for €363 million. It is the largest office transaction in continental Europe this year, demonstrating the resilience of the office real estate sector, according to Antoine Derville, CEO of Colliers France and Belgium, the consulting firm that facilitated the deal. The Ile-de-France region holds a prominent position for foreign investors, given the declining investment volumes in the UK and Germany.
The Tour Sequana is considered a prime asset due to its location near Paris, the intrinsic qualities of the building, including extensive services, and its latest environmental certifications. It was highly coveted by investors, and Valesco secured the acquisition without significantly changing the original price set by the seller. This marks the group’s second major transaction in Europe, following their record-breaking acquisition of a property in Brussels for €1.2 billion in 2020.