Grosvenor Europe has expanded its portfolio in Paris with the acquisition of €29m office building.

The manager said the 5,000sqm office building is leased to a major French communications company.

Steve Cowen, executive director, investment and development, Grosvenor Europe, said: “Our strategy is to acquire core or value-add office assets in Paris and key inner-suburban sub-markets, where there is strong income or significant potential for future redevelopment.

“The intrinsic qualities of this building, in particular its flexible floorplate, make it a particularly interesting asset in light of how offices are likely to evolve in a post-COVID world.”

Alban Hallé, director, France, Grosvenor Europe, said: “This high-quality building does not require immediate work, but as part of our strategy to achieve net-zero operational carbon by 2030, we will make improvements to the building’s technical systems that enhance its sustainability credentials.”

The latest deal follows Grosvenor Europe’s acquisition of office buildings in Levallois and Pantin last year.

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