Deka Immobilien has purchased a retail property in a first class location in Paris for approximately €60m. The property was sold by Merlin Properties and will be added to the portfolio of an institutional real estate fund.
The property was built in 1930 and offers around 8,500m² of leasable space on seven floors. It has been fully leased to Conforama, a company in the Steinhoff International Group, since 2012.
The property is located at 10, Avenue de la Grande Armé in the immediate vicinity of the Arc de Triomphe. This places it within the L’Axe Majeur Étoile Neuilly Défense urban development project in Paris, which focuses on promoting microlocations.
