On behalf of Bayerische Versorgungskammer, one of Germany's largest pension funds, GLL Real Estate Partners has acquired a 70% interest in 11 rue Scribe, Paris 75009, for 19 million, showing a gross yield of approx. 6%. The property has been purchased from American Express who retains the ownership of the ground floor and basement.
Keith Sutton of GLL commented: "We are very pleased about this strategic acquisition. This is our third transaction in prime Paris after the RFF occupied building in Avenue de France, 75013 and 8-10 rue Lamennais, 75008 and we intend doing several more for our institutional clients."
American Express was advised by CB Richard Ellis Bourdais Investment, Trammell Crow Company and Taylor Wessing. GLL was advised by Gide Loyrette Nouel and Wargny Katz.
Source: CB Richard Ellis