UBS Asset Management's (UBS-AM) Real Estate & Private Markets (REPM) completed the acquisition of the Horizon Défense office asset in Suresnes, Paris from Deutsche Asset Management, on behalf of one of its mandates.
The multi-let complex comprises 16,000 m² of prime office space arranged over five floors and offers a range of amenities including a restaurant, cafeteria, business centre and gym. Built in 2002, the Horizon Défense asset benefits from a BREEAM ‘Very Good’ certification and has been purchased 55% let, with positive discussions with potential occupiers for the remaining space well underway.
Horizon Défense is located in Suresnes, a western suburb of Paris, less than six miles from the city centre. The area, which has become increasingly popular with corporate occupiers, is well served by public transport with a tram line connecting Suresnes to the major business district of La Défense within six minutes, and two suburban rail lines serving the local train station.
Patrick Jenvrin, Head of REPM – France at UBS Asset Management, commented: “This landmark office scheme in one of the Paris Region’s leading sub-markets makes a strong addition to our portfolio. Our investment into the suburban Parisian market comes at an opportune time of low vacancy rates across quality office space coupled with an improving national occupational market, with this positive upward trajectory set to continue. Furthermore, we are optimistic about the prospects for the Suresnes area specifically which continues to lure tenants, leaving us well placed to deliver value for clients through our holding in this location, once we have executed our intended asset management strategy.”
UBS-AM France, REPM was advised by C&C Notaires, Clifford Chance, Artelia and the JLL Investment Department on this transaction, while the vendor was advised by Wargny Katz.
