PGIM Real Estate, acting in partnership with its client the Finnish pension insurance company Varma, has completed the acquisition of M Campus office project located in Meudon, on the outskirts of Paris.
The asset, comprised of six Class A office buildings, sits along the banks of the Seine and less than 500 meters from the Boulogne Trapèze office district, opposite Seguin Island. The scheme was completed in 2006; two of the office buildings were recently renovated and will receive a BREEAM RFO Good certification for sustainable design. The remaining buildings are fully let to a global business.
Jocelyn de Verdelon, head of France, Spain and Portugal for PGIM Real Estate, said: “Given the supply-constrained Paris office market, we are pleased to partner with our new client, Varma, to complete the acquisition of six class A offices near the Boulogne Trapèze office district. We look forward to continuing to assist their objective to diversify their real estate investments outside Finland.”
Ilkka Tomperi, investment director, real estate for Varma, commented: “Paris is a strategically important location for our European real estate investments. The dynamics of the city with the ongoing infrastructure projects and its diverse occupier base make it an interesting investment destination. We look forward to working with PGIM Real Estate to crystallize the full potential of M Campus.”