10 November 2021
Union Investment active again in Paris office market
• Prime office property acquired with potential for capital value growth
• Comprehensive upgrade and repositioning planned
Union Investment has invested in another prime office building in the heart of Paris. Located at 60B Avenue d'Iéna, the property is acquired in vacant possession, to be fully refurbished. The acquisition will be added to the portfolio of the special real estate fund DEFO-Immobilienfonds 1. The vendor is Zaka Investments, a French investment company. The purchase price was not disclosed.
Union Investment has recently acquired two office buildings in the Paris CBD: 5-7 Avenue du Coq and 59 Boulevard Haussmann.
“60B Avenue d'Iéna enjoys an excellent location in the most prestigious part of the Paris CBD, close to Place Charles de Gaulle and the Arc de Triomphe, and benefits from very good public transport links. This is a rare opportunity to refurbish, extend and reposition a historical Hôtel Particulier as a state-of-the-art Grade A office building. Products of this quality are few and far between in Paris and therefore have excellent letting prospects.”
Martin Schellein, Head of Investment Management Europe at Union Investment Real Estate GmbH
Planning permission has already been granted. The asset will be fully refurbished, including a partial demolition and reconstruction, and the total area will be extended to ca. 2,650 sqm. Delivery is expected for mid-2023.
The transaction was brokered by JLL.
For Union Investment Institutional Property GmbH