AEW, acting on behalf of a separate account mandate with the German public pension fund Rheinische Versorgungskassen (RVK), has acquired an office property in Paris from HANSAINVEST Real Assets. The complex was built in the 19th century and redeveloped in the second half of the 20th century and comprises a nine-storey property on Rue Jouffroy d’Abbans and a six-storey building on Rue de Prony. Altogether, the complex provides 3,470m² of retail and office space. The retail space is let to Carrefour City and the office space is fully let to seven tenants from a well-diversified range of sectors. The purchase price was not disclosed.
Located in the CBD of Paris in the 17th district, the asset is in a sought after location in close proximity to the exclusive residential area around the Parc Monceau. Situated a short distance from the Wagram and Monceau metro stations as well as the Pereiere suburban train line, the asset provides strong connectivity with the rest of the capital.
Marc Langenbach, Head of Funds & Separate Accounts Germany, at AEW commented: "This acquisition marks our first for RVK and is strongly aligned to the mandate’s strategy of investing in high quality core investments in Paris. AEW was selected by RVK due to the strength of our network in France, as well as our expertise across our pan-European platform. We continue to monitor a pipeline of opportunities as we look to grow the portfolio in Paris, where we are confident in the long term outlook for one of Europe’s leading cities.”