Hines has invested an undisclosed sum on behalf of its Hines European Core Fund (HECF) to buy a 4,783sqm office building in France’s capital.
The international real estate firm has acquired La Manufacture in Paris on behalf of HECF from the Weill family.
Built in 1922, the Art Deco building is located at the foot of the Montmartre in the 18th arrondissement of Paris.
La Manufacture has a current occupancy rate of 76%.
Xavier Musseau, president and country head of Hines, France, said: “We’re very pleased to expand our real estate portfolio in France with this acquisition.
“La Manufacture is synonymous with prestige, history and tradition in Paris, and we’re confident its contemporary repositioning and fantastic location, will maintain its appeal to a broad range of occupiers over the long term.”
Simone Pozzato, fund manager – HECF, said: “This is our fifth acquisition in France and Paris remains a very attractive market for us. The French capital is increasingly becoming an important technology hub in Europe and we expect La Manufacture, due to its prime location and connectivity, to attract technology occupiers.”
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