Barings Real Estate, part of Barings LLC, has acquired an office building at 9 rue du Helder in Paris, from a private investor as part of its pan-European value-add real estate investment strategy on behalf of institutional investors. The purchase price has not been disclosed.
The property, which is currently vacant, comprises c.1,600m² split across five floors including a mezzanine level on the ground floor. Barings intends to implement a comprehensive asset management strategy involving the complete refurbishment of the property to a grade A specification. Situated in the ninth arrondissement, the property is in the heart of Paris’ CBD in the Opera sub-district and provides excellent public transport connections through its close proximity to the Opera and the Saint Lazare train stations.
Severine Laffineur, Country Head Real Estate, France at Barings, said, “This is a unique opportunity to deliver a grade A office building in a market facing a chronic shortage of both new and refurbished office space. Given the growing popularity of the area, the high-quality finish and limited competition, the property should appeal to a broad range of tenants once refurbishment works are complete.”
Barings was advised by Oudot et Associes, Aliuta ,DLA and LPA. The Vendor was advised by Cheuvreux et Associes and BNP Paribas Real Estate. The Banque Postale, which financed the acquisition, was advised by Depardieu Brocas Maffei AARPI and Wargny / Katz.
