M&G Real Estate, acting on behalf of M&G European Property Fund managed by David Jackson and Simon Ellis, has acquired the Greenwalk office building in Suresnes from a joint venture managed by AXA-IM Real Assets for €126.5m (£112m). Located in the city’s western business district, the 23,820 m² building is let to Phillips.
David Jackson commented: “This major acquisition further demonstrates our continued commitment to expanding our core continental European portfolio and follows the strategy of acquiring well-leased, high-quality assets in office sub-markets where we see strong relative rental growth potential.”
Olivier Vellay, Head of Acquisitions, Continental Europe, said: “France is one of the largest and healthiest economies in continental Europe and the Greater Paris region will soon be bolstered by the Grand Paris infrastructure project and, in a few years’ time, the 2024 Olympic Games. Greenwalk is located in one of the Paris submarkets, which is set to benefit from location enhancing structural changes. We expect the demand for offices located in the bordering areas of the central business district and La Defense to grow as cost-conscious occupiers look to capitalise on lower rents.”
M&G Real Estate’s existing portfolio in France is comprised of over 200 m² of assets across the office, logistics and retail sectors, collectively valued in excess of €432?.