PGIM Real Estate has closed the purchase of M Campus, a 45,000-m2 office campus in Meudon, on the outskirts of Paris, in partnership with Finnish pension insurance group Varma.
The company first announced in March that it had signed a preliminary agreement to buy the asset from a joint venture of Norges Bank Real Estate Management and AXA France, represented by AXA Investment Managers – Real Assets, for €256 mln.
PGIM Real Estate closed the deal on behalf of its pan-European discretionary valued-add fund.
The office campus, comprising six Class A office buildings, sits along the banks of the Seine and less than 500 meters from the Boulogne Trapèze office district, opposite Seguin Island. The campus was completed in 2006; two of the office buildings were recently renovated and the remaining buildings are fully let to a global business.
Cheuvreux, De Pardieu Brocas Maffei and Builders & Partners advised PGIM Real Estate on this acquisition. AXA Investment Managers – Real Assets was assisted by Wargny Katz and Knight Frank as part of a co-exclusive mandate with CBRE.
Jocelyn de Verdelon, head of France, Spain and Portugal for PGIM Real Estate, said, 'Particularly given the supply-constrained Paris office market, we are pleased to partner with our new client, Varma, to complete the acquisition of six class A offices near the Boulogne Trapèze office district. We look forward to continuing to assist their objective to diversify their real estate investments outside Finland.'
Ilkka Tomperi, investment director, real estate for Varma, commented, 'Paris is a strategic and important location for our European real estate investments. The dynamics of the city with the ongoing infrastructure projects and its diverse occupier base make it an interesting investment destination. We look forward to working with PGIM Real Estate to crystallize the full potential of M Campus.'
