Cromwell Property Group has acquired a 1,500m² office building located at 7 rue de la Baume in Paris’ 8th arrondissement on behalf of a foreign investor. Acquired off-market, the asset is fully let with a 9-year firm lease. Built during the 19th century, 7 Baume was fully renovated in 2020. The building, which benefits from an established address, offers flexible and luminous floor plates and excellent technical specifications. The asset also has an underground level with common areas, several terraces and accessible balconies. The purchase price was not disclosed.
Diego Roux, Head of Acquisition and Disposals in France, at Cromwell Property Group, commented: “Acquired through a complex share-deal, this investment highlights our ability to source office assets in the sought-after Paris CBD sector where transactions are rare, while also demonstrating our ability to offer vendors flexibility and security over the course of a transaction. Despite the challenges thrown up by the Covid-19 pandemic, we are delighted to be able to demonstrate our ability to source and secure core investment opportunities that offer our investors immediate attractive yields.”