Commerz Real has just acquired another property in Paris as it signed the deed for the Espace Kléber office scheme. The fully-let property comes with a lettable area of approximately 10,600 m² and 158 parking spaces.
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Commerz Real has acquired an office scheme on Avenue Kléber in Paris for its 'hausInvest europa' open-ended real estate fund.
The main tenant is the private Swiss bank Crédit Suisse, which uses about 70% of the total floor space as its French headquarter. The other tenant is a globally-leading company for environmental services. The total investment volume on behalf of the 'hausInvest europa' open-ended real estate fund approximated €120 million. The seller of the property was Klépierre France, a shopping center operator in which the BNP Paribas banking group holds a majority interest.
"With the acquisition of the Espace Kléber property, we have expanded our commitment in Paris. In April and August of this year, two of our institutional real estate funds invested in two office buildings located in the prime location between Arc de Triomphe and Trocadéro. In addition, we were able to sign the deed for the Le Flavia property in Ivry-sur-Marne near Paris in September, also earmarked for the 'hausInvest europa' open-ended real estate fund," said Hans-Joachim Kühl, Member of the Board of Commerz Real AG and in charge of real estate acquisitions. "Espace Kléber has best-of-class location qualities and is fully let to high-net-worth companies. The safe cash flow generated on this basis will sustainably enhance the fund performance of 'hausInvest europa'."
The architecturally-attractive office property is equipped with state-of-the-art features and is located on Avenue Kléber in the prestigious 16th arrondissement. Situated squarely in the central business district of Paris, the location comes with superior infrastructure, particularly in terms of its access to public transportation.
Source: Commerz Real
