Union Investment has acquired an office building at 59 Boulevard Haussmann / 34 rue des Mathurins. The seller is the French bank Credit du Nord, which has leased back the property. The purchase is for the portfolio of the open-ended property fund UniImmo: Deutschland. Union Investment has only recently re-entered the French investment market with the acquisition of an office building in the immediate vicinity, at 5-7 Avenue du Coq.
Built in 1927, the property with its impressive Art Deco facades was extensively renovated between 2009 and 2020. The building comprises 10,800m² distributed over the ground floor, seven upper floors and two basement levels. The property has excellent public transport connections, with the transport hubs "Saint-Lazare" and "Opera-Auber" in the immediate vicinity. In addition, many attractive shops and restaurants are located within a short walking distance, as are the high-end department stores "Le Printemps Haussmann" and "Galeries Lafayette".
"Prestigious and well-located properties like this are rare in the Paris CBD, one of the tightest rental markets in Europe. The striking architecture and intrinsic qualities of 59 Boulevard Haussmann offer a great potential to redevelop and reposition this asset in the future," said Martin Schellein, Head of Investment Management Europe at Union Investment.
