AM alpha has completed the acquisition of the high-class office building 20 rue de la Banque, located in the 2nd arrondissement of Paris. AM alpha was acting on behalf of several investors managed by a pension fund manager based in Hamburg. Located in the vibrant 2nd district (arrondissement de la Bourse) in the heart of Paris, the asset is situated a few minutes from the Palais Royal, the Place des Victoires and the Palais Brongniart.
The Haussmanian building, with its traditional architecture and a historic façade, offers approximately 1,500m² with excellent ceiling heights, a sunny inner courtyard and an appealing floor plan. With all these qualities, it provides an outstanding basis for the creation of a modern office area with the perfect combination of modern expansion of space and historic substance. The building is currently vacant, and the recently obtained building permit allows AM alpha to immediately launch an extensive refurbishment program to exploit the full potential of the asset. The building is easily accessibly by public and private transport. The purchase price was not disclosed.
According to Martin Lemke, Managing Director at AM alpha, said: “With the recent closing of this transaction, we could once again demonstrate our ability to source exceptional opportunities even in particularly competitive markets, and to successfully complete complex investment processes. Our focus on timing-related investments allows us to benefit from the rapid market recovery after the challenging times of Covid-19. As we see promising potential in Paris and other cities in France, we will continue to actively seek additional core and value-oriented investments, with a view to grow our current portfolio in France in the medium term.”
