German investor Commerz Real has acquired an office building in Paris for its CGS Immo-Spezial institutional fund for EUR 14.5 mln. Built in 1876 and refurbished in 2003, the property is located on Avenue Kleber in the prestigious 16th arrondissement and was sold by European Property, a fund managed by Aviva Investors.
German investor Commerz Real has acquired an office building in Paris for its CGS Immo-Spezial institutional fund for EUR 14.5 mln. Built in 1876 and refurbished in 2003, the property is located on Avenue Kleber in the prestigious 16th arrondissement and was sold by European Property, a fund managed by Aviva Investors.
'For more than 10 years, Paris has been one of our key investment locations,' said Hans-Joachim Kühl, Member of the Board of Commerz Real and in charge of real estate acquisitions. 'We took advantage of the opportunities inherent in the present market environment to acquire a high-end office property in a top location at an attractive cap rate. Even in the ongoing year, we will continue to be interested in investments in Paris.'
Built in the style of Haussmann, the four-storey building has a total office space of 1,330 m2. The property has been fully let to BNP Paribas since 1974.
