A fund managed by CBRE Global Investors, the leading global investment management firm, has acquired 27 rue de Berri, Paris, in an off market deal. The vendor was Prepar Vie, a French insurance company and subsidiary of the BRED Group.
The freehold office building is located in the heart of Paris’s CBD just off the Avenue de Champs-Elysées in the 8th arrondissement. The building has a useable area of 3,658 m² with 38 underground parking spaces and offers terraces on most floors. The property has seven tenants including Arkeon Finance, BBC, Sony, and Etihad Airways.
Richard Everett, Fund Manager, CBRE Global Investors commented: “We recently closed on the Marengo building in Paris and this asset is another tactical acquisition based upon the current rental levels which we believe will rise from 2014.”
Ian Kelley, Senior Portfolio Manager, CBRE Global Investors added: “We sourced off market this quality office building through a focused search mandate with Catella, a local specialist in Paris CBD. The property offers numerous opportunities for asset enhancement and value creation.”
Catella, Linklaters, and Lasaygues & Associés acted for CBRE Global Investors and Cheuvreux Notaires acted for the Prepar Vie.
Source: Citigate Dewe Rogerson