M&G Real Estate has acquired 2 Place Rio de Janeiro – a €271m prime office in Paris’ central business district (CBD). The deal responds to investor demand for exposure to assets in strong locations with excellent ESG credentials, whilst also strengthening the Fund’s exposure to France in line with long-term objectives.
Acquired from Ardian, the 8,676m² asset has been recently transformed into one of the most sustainable offices in the French capital. Rated BREEAM ‘Excellent’, it has HQE certification, has achieved a Platinum ”Wiredscore” and its CO2 emissions are in line with the Paris Climate Agreement. Offering an abundance of natural light throughout, spacious balconies on several floors, two accessible terraces and a rooftop terrace provide spectacular views. A high-end range of services is located on the first basement floor of the building, including an auditorium, a restaurant, a fitness centre, and a bike room.
2 Place Rio de Janeiro is fully let to a high-quality tenant base including legal, investment and private equity firms. Key to this high level of interest is the building’s proximity to the Monceau Business Area – Paris’ main CBD – located next to Parc Monceau. The area attracts talent from across Europe and is home to some of the biggest names in the luxury and fashion industries, major financial institutions, insurance companies and law firms.
David Jackson commented: “This landmark asset further strengthens our portfolio of French office assets and reinforces our goal to acquire larger lot sizes in well-performing European cities which are continuing to see strong occupier demand. ESG credentials are a major driver of our investment decisions, and this asset is one of the most sustainable of its kind in Paris and demonstrates our commitment to meet the highest ESG standards, which has become a key requirement for investors and occupiers alike.”
