London-based real estate fund management company The Valesco Group has completed its acquisition of hotel firm Accor’s global headquarters for a price of €460 million ($505 million).
The deal — which leases back the Sequana Tower site at 82 Rue Henri Farman to Accor for an initial period of 12 years, without breaks and subject to annual indexation — constitutes the “largest office deal of the year in continental Europe and [the] largest office deal in France since 2021,” according to a news release.
Accor bought the 26-floor, 463,139-square-foot building in 2018 in the town of Issy-les-Moulineaux, which borders Paris, for €363 million, according to an Accor news release that announced that particular deal’s closing. The tower includes a gym and spa, an auditorium, multiple cafeterias, breakout areas and terraces and a top-floor restaurant.
The deal structure has an initial annual rent of €22 million and existing shareholder loan of €100 million.
Accor, Europe’s largest hotel firm, has approximately 5,400 hotels and 800,000 rooms in operation.
Foucault de la Rochère, Accor’s chief efficiency officer, said: “This sale reflects both our ability to execute strategic initiatives on behalf of shareholders and the quality of our signature. Accor is proud to occupy the iconic Sequana Tower.”