ALTAREA (EPA:ALTA) - Altafund and Goldman Sachs join forces to acquire the Pascal Towers in Paris-La Défense

Transparency directive : regulatory news

12/05/2015 17:49

PRESS RELEASE

                                                      Paris, May 12th, 2015

    ALTAFUND AND GOLDMAN SACHS JOIN FORCES TO ACQUIRE THE PASCAL TOWERS IN
                             PARIS-LA DEFENSE (92)

Goldman Sachs and AltaFund, an office property investment fund sponsored and
operated by Altarea Cogedim, have acquired today the company owning the Pascal
towers, an office complex spanning 63,500 sqm of useable area in the Paris-La
Défense business district.

Located in the immediate vicinity of the Grande Arche of La Défense and the "4
Temps" shopping center inside La Défense ring road in the city of Puteaux'
territory, the Pascal towers were built 30 years ago as IBM Europe's
headquarters. The complex comprises two towers, 20 and 29 stories high. It is
currently fully occupied by the Ministry of Environment, Sustainable Development
and Energy (MESDE) under leases ending at the end of 2016.

After MESDE vacates, AltaFund and Goldman Sachs plan to comprehensively
refurbish  the Pascal towers in order to modernize the buildings and bring them
up to the high standards large office users require. The construction works will
substantially improve the buildings' energy and design efficiency, improving
performance and the tenant experience. The renovation project will be managed by
Altarea Cogedim Entreprise, with delivery anticipated in 2019.

8, avenue Delcassé - 75008 Paris
T. +33 (0)1 56 26 24 00   F. +33 (0)1 56 00 00 00

Stéphane Theuriau, co-manager and Chief Executive Officer in charge of office
property for the Altarea Cogedim Group states, "This transaction, the fifth
since AltaFund's inception, again illustrates the Group's desire to position
itself on large-scale redevelopments of iconic buildings in prime locations, to
provide users differentiating leasing solutions adapted to their needs. We are
particularly pleased to  be associated to Goldman Sachs on this project which
perfectly corresponds to the type of opportunity AltaFund is targeting with the
aim to create new or redeveloped core buildings combining quality transportation
access, user comfort and exemplary environmental performance."

In this transaction, AltaFund and Goldman Sachs chose Gide and Dentons as legal
advisors, Allez & Associés for the notarial aspects of the transaction, Arsène
Taxand and Clifford Chance as tax advisors and PricewaterhouseCoopers as regards
to the accounting and financial due diligence. Goldman Sachs was also advised by
Générale Continentale Investissements (GCI). The seller's advisors were de
Pardieu Brocas Mafféi on the legal and tax side, Wargny Katz Notaires on the
notary side and Strategies & Corp, as part of a co-exclusive sale mandate with
Cushman & Wakefield.

About AltaFund
AltaFund is an office property investment fund with EUR650 million in capital
raised from world-class institutional partners in France and abroad. AltaFund
thus has a discretionary investment capacity of more than EUR1.4 billion,
ranking it among the leading office property investors in the Paris Region.
Altarea Cogedim Entreprise is one of the primary investors in this vehicle as
well as its general partner.

About Altarea Cogedim Entreprise
Altarea Cogedim Entreprise is the developer of the First Tower. A global
commercial property operator with a presence both in the Paris area and other
French regions, it is also a leading player in the market for complex
renovations with high environmental quality. The specialist subsidiary of the
Altarea Cogedim Group has executed some of the finest office buildings in Paris
combining technological innovation, comfort of use and high environmental
performance. It provides services ranging from  project management to sales
prior to completion, and also offers turnkey rental properties.

About Altarea Cogedim - www.altareacogedim.com
Altarea Cogedim is a leading property group. As both a commercial landowner and
developer, it operates in all three classes of property assets: retail,
residential and offices. It has the know-how in each sector required to design,
develop, commercialize and manage made-to-measure property products. With
operations in France, Spain and Italy, Altarea Cogedim manages a shopping center
portfolio of EUR4 billion and ranks among the leading e-commerce sites in France
thanks to its subsidiary, Rue du Commerce. Listed in compartment A of the NYSE
Euronext Paris, Altarea had a market capitalization of EUR1.6 billion at
December 31, 2014.

Altarea Cogedim Contacts

* Guylaine Mercier
Communications Director
(+33) 01 56 26 25 36
gmercier@altareacogedim.com

Nicolas Castex                             Valérie Jardat
Citigate Agency                            Agence Côté Jardat
+33 1 53 32 78 88 / +33 6 66 58 82 45      01 41 05 94 10 / 06 12 05 18 35
nicolas.castex@citigate.fr                 valerie.jardat@cote-jardat.fr

About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities
and investment management firm that provides a wide range of financial services
to a substantial and diversified client base that includes corporations,
financial institutions, governments and high-net-worth individuals. Founded in
1869, the firm is headquartered in New York and maintains offices in all major
financial centers around the world.

Contacts Goldman Sachs
Florence Coupry, Image 7, +33 1 53 70 74 57

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ALTAREA (EPA:ALTA) - Altafund and Goldman Sachs join forces to acquire the Pascal Towers in Paris-La Défense

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