Dassault buys from Pembroke in Paris for €112m

French Group Immobilière Dassault is acquiring an office building at 61 rue de Monceau in the eighth arrondissement of Paris from Pembroke Real Estate for just over €112 mln.

Originally built in the 1860s as a Hôtel Particulier (grand private residence), the listed property has been renovated several times, with a full refurbishment in 2001.

The office complex consists of three buildings providing a gross area of 6,655 m2 and 76 parking spaces. It is fully let to Morgan Stanley with a firm nine-year lease.

To finance the acquisition, the company plans to obtain a revolving credit facility on favorable terms, with closing expected before the end of 2014.

Dassault is a French REIT specialising in office buildings and residential assets in Paris. Its portfolio consists of six assets valued at €284 mln.