AXA IMRA has completed the acquisition of two core office properties centrally located in Paris' 8th arrondissement on behalf of its clients.
The transaction was structured as a sale and leaseback agreement with the vendor and assets' sole tenant, a French financial institution. The financial details were not disclosed.
The two attractive Haussmanian assets, dating back to the late 19th century, are located just 150 metres apart from one another in the eastern part of Paris' highly demanded central business district. Totalling almost 9,000 m2, each of the assets have benefited from a full refurbishment and modernisation in more recent years.
The larger of the two properties, located on the corner of rue de Madrid, comprises a total lettable area of 5,000 m2, spread across seven floors plus three underground levels, including 49 parking spaces. Highlight features of the U-shaped building include an inner courtyard and accessible balconies for occupants’ use.
The second property, on rue du Général Foy, is split across two adjoining buildings, one of which, accessed from rue du Portalis, was completely rebuilt in 2008 while the other retains its Haussmanian characteristics. In total, this property comprises 4,000 m2 of lettable space across 10 floors, two of which are underground, and 25 parking spaces.
In the heart of Paris' 8th arrondissement, both assets benefit from excellent accessibility with two metro stations in their direct vicinity while Gare Paris-Saint-Lazare, which will remain one of the major transportation hubs in the Grand Paris Project, is just a seven minutes' walk away.
Jérôme Delaunay, head of asset management & transactions, France at AXA IMRA, commented: 'Our ability to gain access to such a unique and highly sought investment opportunity in a prime Paris location evidences the expertise of our local team and the reputation it has built up in the market. These two classical properties are aesthetic gems, while their underlying real estate fundamentals and covenant strength leave us confident in our expectations that this will be a high performing investment for our clients.'
