Barings has sold an office building in Paris to an unnamed French institutional investor.
The real estate investment manager said it has sold the fully-let 9 Rue du Helder building on behalf of a pan-European value-add real estate investment strategy.
Barings acquired the 1,700sqm asset in 2018.
Severine Maumy-Laffineur, managing director and country head real estate France, said: “When we acquired 9 Rue du Helder back in 2018, we saw an opportunity to leverage its sought-after location in an area of Paris where there is a chronic shortage of available high-quality office space.
“Following the implementation of our asset management strategy to transform the property into a Grade A office, which included delivering an extension and roof terrace with exceptional views over the Opera district, we have now realised our business plan in just two and a half years.”
Gunther Deutsch, managing director, head of real estate transactions – Europe at Barings, said: “This sale, at a prime yield, is in line with our value-add strategy and delivers a significant profit and strong returns for our clients.
“Having entered the French market three years ago, this is the second realisation we have achieved on behalf of our value-add strategy after the sale of a logistics property in Le Coudray-Montceaux, also in the Paris region.”
Deutsch said Barings is still looking for value add opportunities in both the logistics and office sectors in France and across Europe in 2021, with an additional focus on the residential build to rent and student housing sectors.
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