PGIM Real Estate is buying a 45,000sqm office campus in France from a joint venture between Norges Bank Real Estate Management (NBREM) and AXA France.
NBREM, which manages property investment for Norway’s sovereign wealth fund, said the partnership has agreed to sell Meudon Campus, located on 2-14 rue de la Verrerie in Meudon.
NBREM said it will receive €128m for its 50% ownership interest. The property was acquired in July 2011 as part of a portfolio consisting of seven properties in and around Paris.
PGIM acquired the asset on behalf of its pan-European discretionary fund and an institutional co-investor.
The property comprises six buildings with a total of 45,000 square metres of office space.
The campus was completed in 2006 and two of the office buildings were recently renovated. The remaining buildings are fully let to a global business.
Jocelyn de Verdelon, the head of France, Spain and Portugal for PGIM said: “This acquisition of a grade A office campus provides our investors with a well-balanced mix of income yield and the opportunity to create value through leasing up the recently renovated buildings.”