Union Investment has acquired an office building in one of the best business addresses in Europe. The property is situated in the CBD of Paris at the end of Avenue du Coq, a private road close to Saint-Lazare railway station. The acquisition will be added to the holdings of the UniInstitutional European Real Estate fund. The vendor is the global real estate investment manager Invesco Real Estate. The purchase price was not disclosed.
Built in 1900, the building offers circa 4,500m² of office spaces. It is currently fully let to a French law firm Fromont Briens. The property benefits from excellent public transportation due to its proximity to Saint-Lazare railway station.
“The purchase of 5-7 Avenue du Coq marks the re-entry of Union Investment to the French investment market. This transaction demonstrates our ability to source off-market deals with strong fundamentals in the CBD of Paris, where there is clearly a lack of such opportunities. It also reflects our strong belief in the long-term upside potential of centrally located office buildings with excellent transport links,” said Diego Roux, Head of Transactions France at Union Investment.