The site, first built in the 1920s, is located at 2 place Rio de Janeiro in Paris, France, and was acquired by Ardian in 2018.

Said David Jackson, fund manager of M&G’s European Property Fund: 'This landmark asset further strengthens our portfolio of French office assets and reinforces our goal to acquire larger lot sizes in well performing European cities which are continuing to see strong occupier demand.

'ESG credentials are a major driver of our investment decisions, and this asset is one of the most sustainable of its kind in Paris and demonstrates our commitment to meet the highest ESG standards, which has become a key requirement for investors and occupiers alike.'

Since acquisition, Ardian has completed a global repositioning of the property, overseeing a significant refurbishment that has been designed by DTACC architect firm.

RIO has HQE Excellent, BREEAM Excellent and Effnergie Renovation certifications, as well as a WiredScore Platinum label, making one of the very few buildings in the 8th district to be recognised for its connectivity.

Key sustainable features include energy efficient heating and cooling solutions and the use of sustainable materials with a low carbon footprint in the refurbishment.

Comprising 8,676 ft2 (806 m2) of lettable area across eight floors, features include improvements to the art-deco inspired, double height entrance hall, as well as the installation of a restaurant, auditorium and fitness centre for tenant use.

In addition to being located next to Parc Monceau, the building boasts outdoor spaces in the form a rooftop terrace with views over the city, as well as private terraces and balconies.

The refurbishment, executed by Fayat Bâtiment Ile-de-France, was completed in the summer of 2021 and the asset is now fully let to five tenants in the financial and professional services industry, including Morgan Stanley, King & Spalding, Amala, Andera Partners and Blackfin Capital Partners, and is the Paris HQ for the majority of these tenants.

Said Stéphanie Bensimon, head of Ardian Real Estate: 'This sale demonstrates the resilience of the European office market for high quality assets, with structural changes to how people live and work creating new investment opportunities.

'Tenants are increasingly demanding superior spaces with the highest sustainability credentials that Rio offers. At Ardian, we are committed to transforming buildings to positively contribute to better environment for people.'

Ardian recently announced it had raised €1.2 bn for its latest real estate fund (AREEF II), which reflects current urban themes including changes in the way people live and work.