BNP Paribas Real Estate Investment Management’s (REIM’s) French arm is acquiring a residential building in France on behalf of Danish investor PFA Pension.
BNP Paribas REIM France is buying the 2,800sqm property at 26-34 avenue Pierre Curie in the centre of the city of Saint-Cyr-L’Ecole for an undisclosed sum.
The building is being developed by Pitch Immo and is to be delivered during the final quarter of 2024. It will house 47 flats on three floors, comprising a balanced offer from studios to five-room apartments.
BNP Paribas REIM France acquired the asset on behalf of PFA Pension as part of a new separate account targeting residential buildings (existing or off-plan acquisitions) in the main cities of France. Other acquisitions are already planned for 2023.
Henri Romnicianu, global head of institutional sales at BNP Paribas REIM, said: “This is a very exciting acquisition that illustrates our commitment to the living sector in general, and we look forward to building a secure income portfolio of residential assets in France on behalf of PFA Pension.
”This cooperation also demonstrates our presence alongside international investors in the Nordics where BNP Paribas REIM has now successfully built several partnerships.”
Guillaume Delattre, CIO, BNP Paribas REIM France, Belgium, Luxembourg, Spain and Portugal, said: “We are very enthusiastic to launch this mandate through a premium asset and alongside a solid developer that produces high-quality buildings.
”The building’s fundamentals, its many features, combined with a very good location make it a product that meets sustained rental demand, and therefore makes it a great investment for our client.”
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