LaSalle Investment Management and JP Morgan Asset Management have bought an office building in Paris from Commerz Real.
The price of the property, located in the 14th arrondissement of the French capital, was not disclosed. The joint venture acquisition was made on behalf of two pan-European funds.
Périsud is a modern office with approximately 33,500 m2 of lettable space over seven storeys. It has recently been vacated by pharmaceutical tenant Sanofi ahead of a comprehensive renovation, due to be completed in early 2018.
'We are delighted to secure this acquisition and firmly believe in the development potential of the building. This investment further demonstrates our value-add strategy to take a lease-up risk by focusing on the restructuring and development of properties in established markets of Paris. Its unique location on the Paris ring road, its architectural design and its extensive facilities are already undeniable assets for potential tenants. The repositioning of the Périsud asset will give it a boost which is likely to attract national and international buyers,' commented Karim Habra, head of LaSalle Investment Management in France.
'The Greater Paris region is performing particularly well in the second half of 2016 with robust investment volumes of €4.4 bn invested in the overall market. Much larger transactions are being seen in the market, and Périsud is the latest acquisition in a series for LaSalle, following on from the recently acquired Perisight building, the 10,000m² multi-use development in Clichy, and Alto Tower the 39-story Tower in La Défense earlier in 2016,' Habra added.
Jean-Philippe Vergnol, director, JP Morgan Asset Management Real Estate France, said: 'We are very proud to have been able to acquire this iconic Paris property in a fiercely competitive market.'
Crédit Agricole CIB and Aareal Bank provided financing.
