PGIM Real Estate has acquired three properties in France on behalf of investors in its core-plus and value-add pan-European discretionary funds.
The first property is an office building Atria, an approximately 5,000m² complex located at 30bis-32 rue de Paradis, in Paris’ 10th arrondissement. This area has become the natural eastern extension of the Parisian business district and is very popular with start-ups and companies in the technology and communications sectors. Built in the 19th century, Atria has successively hosted the Cristalleries Baccarat factory, the Baccarat Museum and the Pinacothèque de Paris. Restructured and transformed into an office building in 2012, it is currently 100% leased to Jacobs Douwe Egberts, a leading coffee and tea company.
PGIM Real Estate has also acquired a Class A logistics development project in the ZAC du Noyer aux Perdrix at Servon in Seine-et-Marne, 25km south of Paris. This transaction, comprising a 76,000m² site and a development agreement with IDEC Group, will create a 31,000m² logistics platform in the southern Ile-de-France area. Upon its delivery in September 2020, the property will aim for ‘Good’ BREEAM environmental certification and will provide tenants with technical specifications in line with best-in-class market standards, in an established logistics location close to Paris.
Finally, the company has purchased the Portes Sud office campus. The scheme comprises three buildings totalling approximately 20,000m² and is located near the highly accessible Toulouse ring road, in the business district of Bordelongue. Delivered in 2010 by developer Altarea Cogedim, it benefits from technical specifications that exceed local market standards and includes a sub-ceiling height of 2.70m, as well as large, rational and easily divisible floor plates.
Jocelyn de Verdelon, head of France, Spain and Portugal at PGIM Real Estate, said: “These recent acquisitions demonstrate the agility of PGIM Real Estate’s platform in France, as well as our ability to execute on transactions across sectors and strategies in which we have conviction. This cross-functional expertise enables us to successfully deliver our strategy across defined risk-return requirements.”