French private investor Générale Continentale Investissements (GCI) has acquired, in partnership with a family office, an independent office building in Paris.
Neither financial details, nor the name of the vendor, were disclosed.
The Haussmann-style property, comprising more than 2,600 m² of space over six floors, is located in the central business district of Paris and will undergo a comprehensive renovation.
'The CBD market in Paris is very dynamic,' said Raphael Raingold, director of investment at GCI. 'There is, however, a lack of quality supply for independent buildings of this size. We believe that 7 rue Magdebourg will meet the expectations of users. The partnership with the family office aims to position itself on quality Parisian properties with high potential.'
The office will be completely restructured by architect Axel Schoenert, who will create a central landscaped patio and terraces on its upper floors.
The expected delivery date is the first quarter of 2020.
The transaction was carried out by CBRE. GCI and its partner were advised by SBKG and C&C Notaries.
The seller was advised by SCP Dietsch and Bokobza-Grabarz.
