Commodus has acquired a fully-let office building in the Parisian district of Montmartre by way of an asset deal. It is the company’s second transaction outside of Germany. The property was constructed in the 1950s and is located on Rue Hegesippe Moreau in the 18th arrondissement. It offers a gross lettable area of approximately 700m². Commodus has added the property to its portfolio and plans to add an additional three floors to turn it into a six-storey building. Gross lettable area could increase to 970m² as a result. In addition, Commodus is aiming to obtain BREEAM Very Good sustainability certification. The property was sold by Magnum Photos. The parties have agreed not to disclose the purchase price.
“We are honing in on cities rather than national markets,” explained Dr Matthias Mittermeier, founder and Managing Director of Commodus. “That makes our most recent investment in Paris a logical step. Commodus’ decision to invest in Paris was motivated by the sheer amount of potential on the Parisian market when it comes to economic growth, population and culture as well as the general aesthetic of the city. There are good reasons why Paris is considered one of the hottest real estate markets in Europe at the moment. The coronavirus pandemic will do nothing to change the French capital’s appeal either.”
“We want to leverage opportunities for value-adding office investments outside of Germany, too,” said Paul Sattlegger, Managing Director of Commodus International Advisory GmbH. “Our international strategy includes a comprehensive analysis of key European markets to filter out the most attractive real estate locations with strong value potential. Paris is near the top of this list.”
