Züblin Immobilière France is acquiring two buildings in the western business district of Paris for a combined €76 million and therewith has completed the first phase of its acquisition programme ahead of schedule.
The first acquisition concerns a building situated on île de la Jatte, 26 Boulevard du Parc in Neuilly-sur-Seine. The building has a surface area of approximately 9,115 m² and two main tenants, Roche Laboratories and Yves- Saint-Laurent Beauté. The acquisition price is €60 million which results in an initial net rental yield of 5.6%.
The second acquisition concerns a fully-let office building located in Suresnes, a suburb of Paris. The recently completed building has a surface area of approximately 2,520 m² with one tenant, Lexmark. The property value is approximately €16 million with an initial net rental yield of 5.35%.
With these two transactions, Züblin Immobilière France has completed the first phase of its acquisition programme that called for an increase in the Company's assets of €100 million.