Eurosic's EUR 508 mln sale of a core office portfolio in Paris signals changing times in the city’s property investment sector. Once dominated by local investors, the French capital has become the new playground of cash-rich sovereign funds looking beyond London to expand their European domains.
Eurosic's EUR 508 mln sale of a core office portfolio in Paris signals changing times in the city’s property investment sector. Once dominated by local investors, the French capital has become the new playground of cash-rich sovereign funds looking beyond London to expand their European domains.
In early March, the Hong Kong Monetary Authority, advised by JP Morgan Asset Management, made its first foray into the market by signing a preliminary agreement to acquire 52 Hoche and Avant Seine, two core office schemes located in the eighth and 13th districts of Paris.
According to well-informed market sources, the government agency - which last year bought 10 Aldermanbury Square in London - emerged ahead of a number of bidders including CB Richard Ellis Global Investors. It is the second deal by the Asian investor in Europe. 'They entered the European property market last year with an acquisition in London and were looking for another investment to diversify their portfolio,' a market expert told PropertyEU.
The full Deal in Depth appears in the April edition of PropertyEU Magazine. Click on the link below to order your copy now
