CBRE IM and Cicerone RE Holding, the international acquisition platform of the Cicerone Fund managed by Fabrica SGR, have acquired a fully let Paris office building.
The sellers were real estate manager Atland and Dutch pension fund PGGM.
The former private residence at 33 rue d'Artois, in Paris’s 8th arrondissement, has undergone a thorough renovation to the highest technical and environmental standards while conserving and enriching its historical elements.
Comprising seven floors above ground, the 2,600 m2 asset has views on both sides and a private garden and is ranked BREEAM Very Good, HQE Excellent and Wiredscore Gold.
The property is fully let to French group Barriere for a nine-year term under a lease that began in April 2020.
Gautier Beurnier, country manager France, CBRE IM said: ‘We are delighted to have completed the acquisition of this prime building in a submarket of Paris where quality office buildings to rent remain in short supply. We are confident that it will deliver the stable and resilient income that our long-term investor is looking for.’
Matteo Greco, Cicerone RE Holding’s director added: ‘The company's strategy remains focused on assets with solid fundamentals in terms of location, iconicity, real estate quality and tenants of primary standing. From this point of view, the property in Rue d’Artois 33, located among the main iconic places in Paris and with the various certifications that attest to its value and sustainability, meets all these characteristics.’
Jonathan Azoulay, deputy managing director, asset management of Atland Voisin, commented: ‘Respecting the history of the site, the existing building made this project a real challenge for our teams, from design to delivery. The leasing of the building more than a year before its delivery and now its sale to Cicerone RE Holding BV testify to the excellent work done on the architectural and technical levels, always with the highest environmental standards.’
The deal was brokered via Enoma Investment.
The buyers were advised by Allez & Associés, Allen & Overy, Reedsmith and Property S², while C&C notaries advised the sellers.
