M&G Real Estate has acquired ADN, a prime office asset located in Paris for €34m. The off-market transaction is the second acquisition in Paris this year following the purchase of Greenwalk in Suresnes for €126.5m earlier this year and increases the fund’s allocation to the office sector in Continental Europe.
The 1,800m² project is situated close to several metro stations in the 17th arrondissement, within a ten-minute walk of the Arc de Triomphe and Champs-Elysees. Following a 12-month development period, the asset will have been upgraded to the highest standards.
David Jackson, Fund Manager at M&G Real Estate, commented: “With our second acquisition in Paris this year, we are establishing a firm foothold in a market which is benefiting from a positive economic outlook, strong employment growth and high demand from occupiers.”
Marc Reijnen, Head of Asset Management, Continental Europe at M&G Real Estate, said: “ADN holds great potential, with an excellent location and a comprehensive redevelopment that will bring the asset up to the highest specification, creating an appealing opportunity for an occupier to relocate its headquarters. As our European portfolio grows, we will continue to seek opportunities to move further up the risk curve with investments that require careful asset management.”
