A partnership between Henderson Park and Weinberg Capital Partners has bought an 18,500sqm office building in France with a plan to reposition the asset.
The partnership has invested an undisclosed amount to acquire the office building in Levallois-Perret, and intends renovate the asset to improve its “environmental credentials and implement numerous services aimed at improving the quality of work life”, the companies said.
The building, located 5km from central Paris at 49 Avenue Georges Pompidou, is partially occupied by the seller.
Jean-Philippe Olgiati, partner at Weinberg Capital Partners, said: “We are convinced of the attractiveness of labeled buildings, of medium size, with competitive rents for large users seeking quality of work life.
“Especially in the peripheral markets of the Paris central business district. We will be very creative in terms of services for this building to meet the users’ needs.”
Christophe Kuhbier, managing director at Henderson Park, said: “In a difficult market context, this acquisition is the result of a disciplined process of underwriting an office building with solid fundamentals and great value-creation potential as well as the opportunity to continue our joint venture with WCP and our financing partners CACIB.”
The Levallois-Perret acquisition strengthens the joint venture’s portfolio following the completion of its L’Arche de La Défense office project.
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