Nuveen Real Estate’s European office investment joint venture has acquired a fully-let 75,300sqft asset in France’s capital.
The manager said it has acquired the office on rue Jobbé Duval on behalf of the Cityhold Office Partnership (CHOP). The property, which was built in the 1930s, is set over six floors.
CHOP was created in 2015 and managed by TH Real Estate to target European core office assets, on behalf of the US financial services group TIAA and Sweden’s AP1 and AP2. CBRE Global Investment Partners joined the existing investors in February last year.
Nuveen said the acquisition fits with CHOP’s strategy of targeting core and value-add properties in key European Tier 1 cities, “with potential for renovation in future, also supported by the city’s low vacancy rate and lack of short-term supply”.
Liz Sworn, fund manager at Nuveen Real Estate, said: “We are pleased to have been able to acquire this asset in Paris, that offers a strong tenant covenant and potential for future improvements. Due to its location in the vibrant 15th arrondissement, we believe that it should help provide resilient returns for our investors for years to come.
“The ongoing pandemic has accelerated occupier trends within the office market, increasingly highlighting the importance of collaboration, wellbeing and health and safety, so we plan to work closely with the tenants in the future to ensure we are providing a safe and effective workplace.”
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