PGIM Real Estate has acquired a 6,000 m2 office building in Paris on behalf of a pan-European core-plus real estate fund.
The property, 42-44 rue de Paradis, was built in 1886 and refurbished in the early 1980s. It is located at the eastern edge of the central business district and is within 500 meters of the Gare du Nord and Gare de l’Est train stations.
As the area also attracts small to medium-sized firms, particularly in the technology sector, PGIM intends to improve the quality of the asset and provide services 'to meet the tailored needs of the area’s fast-growing technology firms'.
'This transaction reflects PGIM Real Estate's ability to leverage our on-the-ground presence and our strong local knowledge and relationships to successfully acquire attractive off-market assets,' said Jocelyn de Verdelon, head of France, Spain & Portugal for PGIM Real Estate. 'In addition, the acquisition provides an opportunity to create value for our investors by capturing reversionary potential and repositioning the asset to attract new and diverse office and retail tenants.'
Wargny Katz & Associés, De Pardieu Brocas Maffei, Strategies & Corp, and Swiss Life REIM (France) advised PGIM Real Estate. The transaction was financed by BNP Paribas, which was advised by Cheuvreux and Mayer Brown.
PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of New York-listed Prudential Financial. The real estate business has professionals in 18 cities in the Americas, Europe and Asia Pacific who manage gross assets of $66 bn (about €61 bn) as of end-December 2016.
