CBRE Global Investors has sold the Antares office building in Paris to an institutional client of DTZ Investors. Financial details were kept confidential.
The scheme, a modern office building in the Boulogne-Billancourt area to the west of central Paris, was bought by CBRE GI (at the time ING REIM) back in 2007 on behalf of ING Assurance for a price of €100 mln.
The 10,442 m2, eight-storey property was built in 2001 and has been comprehensively refurbished under CBRE Global Investors’ ownership and is fully let to Hilti, the international technology, software and services provider to the construction industry, on a long-term lease.
‘Having made significant improvements to this property and secured a blue-chip tenant at a strong rent, now was a good time to sell, delivering an impressive return for our client after successfully executing our business plan,’ said Martijn Hop, senior portfolio manager, CBRE Global Investors.
Gautier Beurnier, head of transactions for France at CBRE Global Investors, added: ‘Notwithstanding the coronavirus pandemic, the Paris market remains fundamentally strong, having emerged as a destination for foreign capital and with continued low vacancy rates.’
