German asset manager KanAm Grund Group has purchased a fully-let office and retail building in the 9th arrondissement of Paris on behalf of an institutional investor.
Details of the vendor and sale price have been kept confidential.
The 'Mogador' property is situated on the corner of Rue de Mogador and Rue de la Chaussée d’Antin, in the Opéra district, and comprises around 3,750 m2. The building offers nine levels on the Rue de Mogador and five levels on Rue de la Chaussée d’Antin and is is let to 10 different parties.
Originally built in 1905, Mogador has a Bream In-Use sustainability certification, having undergone extensive renovation and refurbishment between 2008 and 2012, and again between 2012 and 2019. The latest upgrades include the installation of new lifts and stairwells, as well as the modernization of the underground parking area and air conditioning system.
The building's office premises generate the bulk (87%) of its rental income, with the three retail units making up the remainder.
The 9th arrondissement forms part of Paris’s Central Business District (CBD), France’s most important office market, with a particularly strong representation of the financial services and insurance sectors. BNP Paribas and other financial institutions have their headquarters in this area. The Les Galleries Lafayette and Printemps department stores are in the immediate vicinity.
Including this purchase, Frankfurt-based KanAm Grund has realized 38 real estate deals so far this year with a transaction volume of over €1.6 bn. Three-quarters of these formed part of the institutional investment business, the remainder being in private investment.
