Aviva Investors has acquired the 112 Wagram office building in France’s capital from Société Foncière Lyonnaise (SFL).
The global asset manager is buying the 5,500sqm office asset on behalf of one of its clients.
The property, the 17th arrondissement of the city, was acquired by SFL in 2010 and has been redeveloped over the past ten years. The sale of the property forms part of SFL’s strategy to rotate its more mature assets and capture the value created through its asset management work.
The net sale price was approximately €120m.
Grégoire Bailly-Salins, head of transactions for Continental Europe at Aviva Investors, said: “112 Wagram is an exceptional property and we are delighted to increase our existing portfolio of assets under management in the central business district of Paris.
”Its unique surroundings and qualities, coupled with a central location and close transport links, make it a compelling asset that we expect to provide long-term performance for our clients.”
Aude Grant, deputy MD, AM and investment at SFL, said: “This performance demonstrates the resilience of properties with solid real estate fundamentals, a desirable location and first-rate tenants, and highlights major investors’ ongoing interest for core assets in the Paris central business district.”
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