PGIM Real Estate, on behalf of its pan-European discretionary value-add fund, has bought The Square office building in Paris from GLL Real Estate Partners.
The manager said it acquired the 7,000sqm office building located on 7-7 bis rue de Téhéran from a German closed-ended fund managed by GLL. Financial details were undisclosed.
The asset was built in 1928 and fully refurbished in 2007. The property has been fully let to Parfums Christian Dior since 2007.
Jocelyn de Verdelon, PGIM Real Estate’s head of France, Spain and Portugal said: “This acquisition, in the form of a complex corporate transaction, illustrates our capacity to win tenders and offer vendors flexibility and security in deal execution.
“In addition, the property’s prestigious location, impressive façade and abundance of natural light will appeal to the exacting demands of institutional tenants.”
Brigitte Schmale, the fund manager at GLL Real Estate Partners, said: “This asset delivered excellent returns over the 12-year holding period for the shareholders of the fund and outperformed the business plan despite buying near the peak of the last cycle.
“It is a great example of what asset selection, hands-on local asset management and a focused strategy can achieve.”