2013-02-08 16:08:14 -
Société Foncière Lyonnaise (Paris:FLY) today sold the building at 251 rue Saint-Honoré in the first arrondissement of Paris, which is occupied by the Mandarin Oriental Paris hotel and two luxury boutiques, to the Mandarin Oriental Hotel Group.
The sale has been completed on the terms announced in the Company's press release of 29 November 2012.
The net sale price of €290 million was about 30% more than the total cost of the renovated building.
“This transaction demonstrates SFL’s ability to successfully carry out complex development projects in the heart of Paris to the very highest standards, and to apply the unique know-how of its teams to an ambitious value-creation strategy," explains Dimitri Boulte, Chief Operating Officer.
SFL was advised by Jones Lang LaSalle
Hotels, Gide Loyrette Nouel and Oudot for this transaction, and MOHG was advised by Linklaters and Wargny Katz.
With an exceptional portfolio of properties valued at €3.4 billion including transfer costs, essentially located in the Paris Central Business District, SFL is a preferred vehicle for investors wishing to invest in the Paris office and retail property market. As the leading player in this market, the Group is firmly focused on pro-actively managing high-quality property assets. SFL has elected to be taxed as an SIIC since 2003.
Euronext Paris Compartment A – Euronext Paris ISIN FR0000033409 – Bloomberg: FLY FP – Reuters: FLYP PA
S&P RATING: BBB- /A-3 Stable outlook
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