Gide advises Blue Owl Capital on the establishment of a joint venture with Covivio relating to three sites occupied by Thales

Gide advised Blue Owl Capital on the formation of a joint venture with Covivio relating to three real estate assets occupied by Thales in Vélizy-Meudon, at the heart of the Paris-Saclay innovation cluster.

Following completion of the transaction on 1 April 2026, the joint venture holds the three assets constituting Thales’ largest global site, representing more than 126,000 sq m and accommodating nearly 6,000 employees. These assets are now held 51% by Covivio and 49% by Blue Owl Capital.

The transaction values the real estate campus at approximately €503 million. It forms part of Blue Owl Capital’s strategy to invest in high-quality real estate assets, leased to blue-chip tenants and located in strategic markets.

The Gide team advising Blue Owl Capital was led by partner Hugues Moreau and comprised counsels Sophie Gillard and Yannick Granjon, of counsel Véronique Queruel, Elisa Domingues and Axel Adolph on corporate and real estate matters, partner Benjamin Delaunay and Thomas Le Meur on regulatory aspects and the establishment of an OPPCI, as well as partner Pierre-Antoine Degrolard and Jonathan Navarro on foreign direct investment (FDI) matters.