Valesco buys Accor Paris HQ in record-breaking €460m deal

Real estate fund manager The Valesco Group has acquired hotel group Accor’s Paris headquarters in a €460 million sale-and-leaseback in what has been billed as the largest office deal in continental Europe so far this year.

Sequana Tower is located in the Issy-les-Moulineaux commune, a Parisian micro-location which is host to the headquarters of a number of multi-national companies including Nestle, Microsoft, Johnson & Johnson, Cisco and Capgemini.

The 26-storey, 43,027 sq m tower has strong ESG credentials and amenities include a concierge service, a gym and spa, an auditorium, several cafeterias and breakout areas and a top-floor executive restaurant.

The asset is fully let to Accor on a 12-year term, without breaks and subject to annual indexation, and generates €22 million of contracted rent per year.

The transaction, also the largest office deal in France since 2021, is the first by Valesco’s new fully discretionary fund, whose recent first close was anchored by sovereign capital.

Valesco said it has built up a portfolio exceeding €2.5 billion in five years.

“Sequana Tower represents the latest addition to our growing portfolio of mission critical, futureproof landmark assets. In Accor, with whom we have a very strong working relationship, we have added a global hospitality behemoth with a highly differentiated offering led by exceptional management, to our tenant roster,” The Valesco Group’s founder and CEO Shiraz Jiwa said.

“Mission critical offices have a vital role to play in the performance of corporates and in the development of talent. Their essence is to create an ecosystem and environment where talent can thrive and self-actualise whilst delivering for the collective.”