AEW has bought an office complex in France’s capital for German pension fund Rheinische Versorgungskassen (RVK).
The European real estate investment and asset manager has paid an undisclosed amount to buy the asset in Paris from Hansainvest Real Assets.
The complex comprises a nine-storey property on Rue Jouffroy d’Abbans and a six-storey building on Rue de Prony. Altogether, the complex provides 3,470sqm of retail and office space.
AEW said the retail space is let to Carrefour City and the office space is fully let to seven tenants from a well-diversified range of sectors.
In December last year, RVK has awarded AEW a €150m mandate to invest in core French office and retail assets. With target leverage of between 40-45%, the separate account mandate will have a total investment capacity of €250m to €300m.
Marc Langenbach, head of funds and separate accounts Germany, at AEW said this acquisition marks AEW’s first for RVK and is strongly aligned to the mandate’s strategy of investing in high-quality core investments in Paris.
“We continue to monitor a pipeline of opportunities as we look to grow the portfolio in Paris, where we are confident in the long term outlook for one of Europe’s leading cities.”