PGIM Real Estate acquires office and logistics assets in France
PGIM Real Estate has bought office and logistics assets in France on behalf of its core-plus and value-add pan-European funds.
The manager said it has acquired the fully-leased 5,000sqm Atria an office building in Paris and the 20,000sqm Portes Sud office campus in Toulouse.
PGIM said it will reposition the partially vacant Portes Sud to better meet user demand and implement a subsequent leasing and management strategy to bring new tenants to the property.
The manager also acquired from Grand Paris Aménagement, a logistics development project in the ZAC du Noyer aux Perdrix at Servon in Seine-et-Marne. This deal, comprising a 76,000sqm site and a development agreement with IDEC Group, will create a 31,000sqm logistics platform, it said.
Financial details were undisclosed.
Jocelyn de Verdelon, head of France, Spain and Portugal at PGIM Real Estate, said: “These recent acquisitions demonstrate the agility of PGIM Real Estate’s platform in France, as well as our ability to execute on transactions across sectors and strategies in which we have conviction.
“This cross-functional expertise enables us to successfully deliver our strategy across defined risk-return requirements.”