Allianz Real Estate has acquired two prime properties in Paris for about EUR 184 mln. The vendor is a real estate fund managed by Crédit Suisse.
Allianz Real Estate has acquired two prime properties in Paris for about EUR 184 mln. The vendor is a real estate fund managed by Crédit Suisse.
The first property is located on Avenue Pierre 1er de Serbie in the 16th arrondissement of Paris. The building comprises 6,275-m2 and was completely renovated in 2007. It is 100% leased to international law firm Orrick Rambaud Martel.
The second asset is a mix-used property on Rue de Rivoli in the 4th arrondissement of the city. It comprises 6,505-m2 of space which was renovated in 2005. The proeprty is leased to retailers Zara and H&M. There is also an office unit and 28 parking places.
The acquisition was carried out on behalf of German companies of the Allianz Group, through a newly created fund structure (OPCI) managed by Immovalor, a subsidiary of Allianz.
Following this transaction Allianz has met its target of EUR 900 mln of investment in the French real estate market for 2010, said Olivier Wigniolle, CEO of Allianz Real Estate.
Notary firm Etude Bresjanac acted for Allianz Real Estate, while notary Etude Thibierge represented the seller.
