Principal Asset Management has sold an office building in the west of Paris to the insurer BNP Paribas Cardif.
The building, located at 19-21 rue Dumont d’Urville and 18-20 rue la Perouse in the 16th arrondissement was sold by Principal Asset Management on behalf of Principal European Office Fund. Completed in 1998, it totals 3,140m2 over ground and six upper floors and is let to Europa Group. The double-height entrance hall and circular, 500m2 floorplates allow all the office space to benefit from natural daylight. The sixth floor has been remodelled into a lounge and meeting rooms.
This acquisition enables BNP Paribas Cardif to continue its strategy of institutional investor and asset diversification on behalf of its policyholders through the euro fund and its range in real estate assets.
Guillaume Masset, head of transactions and asset management for Europe at Principal Asset Management, said: “This sale is the successful conclusion of our business plan for the property. The recent refurbishment and reletting to a single, high-quality tenant allowed to position the asset as a prime opportunity despite a challenging real estate market.”
Nathalie Robin, head of real estate at BNP Paribas Cardif, said: “This acquisition is part of the institutional investor strategy of BNP Paribas Cardif. This involves the diversification of assets on behalf of its policyholders, in particular in real estate, through SCI Cardimmo, distributed as a unit of account in life insurance contracts."
Principal Asset Management was advised by JLL and Alex Bolton as well as C&C Notaires. BNP Paribas Cardif was advised by Etude Thibierge, Opera Avocats, Ikory Project Services.
Image source - Principal AM.
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