Pramerica Real Estate Investors has announced that it has signed cosmetics retailer Sephora to a 10.5 year green lease at 41 Rue Ybry in Neuilly-sur-Seine. The office was acquired vacant in July 2015 as part of Pramerica’s pan-European discretionary strategy.
The grade-A office property is situated in a prime location in Neuilly and includes such amenities as a multi-use basement area benefitting from the Etablissments recevant du public (ERP) public access classification. The 15,000m² property will become the new global headquarters of Sephora, the LVMH Company-owned cosmetics distribution company.
Jocelyn de Verdelon, head of France, Spain and Portugal for Pramerica Real Estate Investors said, “This transaction reflects Pramerica’s proven ability to source and execute real estate operations in prime locations with a strong value creation potential, and to realize qualitative refurbishment projects to satisfy grade A users’ bespoke requirements.”
Raimondo Amabile, head of Europe for Pramerica Real Estate Investors commented, “The purchase of 41 Ybry, with best-in-class architectural and technical fundamentals, fits perfectly with Pramerica’s strategy to reposition assets in mature European markets where we can deliver compelling investment opportunities to our investors and create significant value through tailor-made asset management.”
Wargny Katz and De Pardieu Brocas Maffei advised Pramerica Real Estate Investors on the acquisition, which was financed by BNP Paribas, along with Builders and Partners on the capital expenditure program. Strategies and Corp, Ixans and Voxoa acted as advisors to the tenant.
