PGIM Real Estate has agreed to buy an office building in France on behalf of its pan-European value-add fund.

The manager’s European Value Partners Fund has signed a forward purchase agreement for the development of the SWELL asset, made up of two 9,700sqm office buildings in Bac d’Asnières, Clichy.  The asset is due for completion in 2020 by developer OGIC.

Financial details were undisclosed.

Jocelyn de Verdelon, PGIM Real Estate’s head of France, Spain and Portugal, said: “This transaction illustrates PGIM Real Estate’s ability to capitalise on its strong market connections to acquire this attractive development project off-market.

“Moreover, it represents a unique opportunity to create value for our investors by offering institutional tenants new office areas in a dynamic and evolving location, close to Paris-Levallois.”

Emmanuel Launiau, OGIC’s chairman of the board of directors, said: “Following the successful refurbishment of 41 rue Ybry in Neuilly, this is our second development in collaboration with PGIM Real Estate and illustrates the long-term relationships that OGIC weaves with its partners.”