Oxford Properties, the real estate arm of Canadian pension fund Omers, has carried out its first office acquisition in Continental Europe with the purchase of a 22,000 m2 building in Paris from The Carlyle Group for €263 mln.

Oxford Properties, the real estate arm of Canadian pension fund Omers, has carried out its first office acquisition in Continental Europe with the purchase of a 22,000 m2 building in Paris from The Carlyle Group for €263 mln.

Oxford Properties has acquired 32 Rue Blanche, a prime Grade A office building located in Central Paris. The building is fully leased to tenants including Criteo, Mutuelle Interiale and BlaBlaCar, and is located in the 9th arrondissement which is part of Paris’ historic financial district.

The asset was extensively redeveloped by The Carlyle Group in 2012 and provides tenants with first-rate amenities, including a high-tech auditorium with over 160 seats, a restaurant with the capacity for 700 people, as well as a roof terrace totalling 1,300 m2.

Designed by Franck Hammoutene, the property’s most striking feature is its central 'Mantille', an elaborate ornament that hangs down the core atrium of the building and also assists in daylight harvesting by reflecting additional light into the floor plates.

'The acquisition represents an attractive entry point for Oxford in to the Paris office market, which demonstrates compelling long-term fundamentals and is in line with Oxford’s stated overall European strategy,' commented Oxford's executive Michel Vauclair.

'After delivering on our stated intention to establish a high-quality commercial real estate portfolio in the UK, which currently stands at over €3 bn, 32 Rue Blanche represents an excellent opportunity to establish a portfolio in Continental Europe which demonstrates the same compelling attributes,' Vauclair said.

PARIS PLANS
The company plans to grow its assets under management in Paris to over €1 bn over the next three to five years, and will invest in assets where it can drive value through active asset management initiatives and where it believes that current values do not reflect future market improvements.

Hines France acted as acquisition adviser to Oxford Properties and will act as asset manager. Oxford Properties Group was also advised by Gide Loyrette Nouel, Bredin Prat, Lasaygues & Associates
Notary Office and Gardiner & Theobald.

In the UK Omers owns a number of high-quality assets including a 50% stake in London's MidCity Place, the Royal Exchange retail arcade, the London stock Exchange site and half-share in the commercial element of St James's Market scheme.

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