Real IS, acting for the “BGV VII Europa” fund, has acquired an office property in the 15th arrondissement of Paris, France. Located at Rue de Vaugirard 238, the property totals 4,650m² spread over five floors. Built in the 1960s, the asset was comprehensively repositioned in 2011/2012. The vendor is France’s Les Republicains party that has now signed a lease for ten years. The purchase price for the landmark office building amounts to approximately €46m.
“The property meets the investment criteria of our “BGV VII Europa”, a fund for institutional investors. It is situated centrally on the left bank of the River Seine and has been fully let long term. The way the lease has been drawn up makes this property a risk-controlled investment with long-term prospects,” said Axel Schulz, Global Head of Investment Management at Real IS.
“This acquisition has enabled us to further expand our French portfolio. The office property in the Rue de Vaugirard is located in one of the most desirable districts of Paris and blends in well with the urban environment. It fulfils all the requirements placed on contemporary and attractive office property. Based on its extensive repositioning in 2012, we believe this long-term investment has further upside potential,” commented Catherine Luithlen, President of Real IS France.
