Pramerica Real Estate Investors announces that is has completed the acquisition of a 5,265 m² (56,672 ft²) grade-A retail and office building, 49/51 avenue George V Paris on behalf of an investor advised by the company.
49/51 avenue George V is a landmark, multi-let building in the immediate vicinity of the Champs Elysées. A full refurbishment of the building was completed in 2007 to provide high-quality flexible space arranged over eight floors.
Jocelyn de Verdelon, head of France, Spain & Portugal for Pramerica, said: “49/ 51 George V combines high quality retail with efficient modern office space close to the famous Champs-Elysées. We believe that well-located prime assets of this nature have excellent reversionary potential and subsequently offer a compelling risk-return profile.”
Pramerica was advised by Wargny Katz et Associés and De Pardieu Brocas Maffei. The seller, a private investor, was advised by JLL through a co-exclusive mandate with BNP Paribas.