A fund managed by CBRE Global Investors has acquired the freehold office building at 27 rue de Berri in Paris, in an off-market deal with French insurer Prepar Vie.
A fund managed by CBRE Global Investors has acquired the freehold office building at 27 rue de Berri in Paris, in an off-market deal with French insurer Prepar Vie.
Financial details were not disclosed.
The building has a usable area of 3,660 m2 with 38 underground parking spaces and offers terraces on most floors. It is located in the heart of the central business district, just off the Avenue de Champs-Elysées in the 8th arrondissement.The property has seven tenants, including Arkeon Finance, BBC, Sony, and Etihad Airways.
'We recently closed on the Marengo building in Paris and this asset is another tactical acquisition based upon the current rental levels which we believe will rise from 2014,' said fund manager Richard Everett.
Ian Kelley, senior portfolio manager at CBRE Global Investors, added: 'We sourced off-market this quality office building through a focused search mandate with Catella, a local specialist in Paris CBD. The property offers numerous opportunities for asset enhancement and value creation.'
Catella, Linklaters, and Lasaygues & Associés advised CBRE Global Investors and Cheuvreux Notaires acted for the Prepar Vie.