La Defense in Paris may hold the title of Europe’s biggest business district, but its office blocks have been blighted by low rents, high vacancies and a glut of supply following the financial crisis. Slumping values in the skyscraper hub that’s a 30-minute cab ride northwest of the Eiffel Tower are now tempting global real estate investors seeking cheap properties they can renovate, and that could benefit from an economic turnaround. Yields in the district are more than 5.5 percent, compared with an average 3.3 percent in central Paris. Private-equity investor Carlyle Group LP, which is currently spending at least 70 million euros ($80 million) refurbishing the...
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