Union Investment, acting on behalf of open-ended real estate fund Unilmmo: Deutschland, has acquired a prestigious building at 40 Rue du Louvre in Paris from Oreima. Built in 1855, the exceptional property features a Haussmann facade and was remodelled and updated by Oreima in 2017. It now has a high level of environmental certifications such as HQE Tertiary Renovation Buildings, BREEAM, BBC Renovation and NF Tertiary Buildings. The building comprises 9,700m² of rental space, of which 7,500m² is office space let to Spaces. In addition, there is 2,200m² of space devoted to retail on the ground floor and basement level. The purchase price was not disclosed.
“40 Rue du Louvre is a historical building with an outstanding address. Following its restructuring, it now meets the standards expected of modern office property. We also believe that the location will continue to perform well over the next few years as Paris’s central business district extends into neighbouring areas. This development is creating positive conditions for further rent growth, with properties such as 40 Rue du Louvre particularly well placed to benefit,” said Martin Schellein, Head of Investment Management Europe at Union Investment Real Estate.
“Our latest acquisition is located in a district which is experiencing radical change due to the urban development projects currently underway in Paris. These include the refurbishment of the Louvre post office, the upcoming opening of the Collection Pinault in the former Bourse de Commerce, which faces the 40 Rue du Louvre building, and the modernisation of the Les Halles district. In this regenerating quarter, our tenant Spaces offers modern space with various co-working options,” said Tania Bontemps, President of Union Investment Real Estate France.
Brigitte Sagnes Dupont, President and Founder of Oreima, commented: “The sale of 40 Rue du Louvre is consistent with our strategy of making highly promising investments and boosting the value of a property over the medium to long term. Our team carried out one of the most ambitious upgrading projects in Oreima’s history. This investment, which was made more than eight years ago, will remain a powerful symbol of the three pillars of our expertise: quality, environmental responsibility and innovation.”
