PGIM Real Estate has acquired a residential portfolio of two properties, located in Paris, on behalf of its European core strategy.
Financial details were not disclosed.
The two assets are located in the 16th arrondissement, close to the Arc de Triomphe, avenue Victor Hugo and rue le Sueur, in what PGIM RE describes as 'one of the most established residential markets in Paris'.
Jocelyn de Verdelon, head of France at PGIM RE says: 'This acquisition, which is our first core residential rental transaction in France, is perfectly in line with our European core strategy and demonstrates our ability to secure attractive transactions in highly competitive markets such as the Paris residential market.
'These prestigious assets provide secure and resilient income while offering attractive rental reversion potential.'
The first property, called Le Sueur, situated by Avenue Foch, comprises 5,300 m2 of floor space across 47 apartments. Built in the 1930s, this Art Deco-style property contains luxury flats with numerous terraces.
The second asset, a typically Haussmann-style building named Victor Hugo, has a total surface area of 1,700 m2, including six high-end flats, a small house on the courtyard and a shop. This property will be the subject of an extensive modernisation project.
PGIM RE said the apartments were likely to appeal to prime Parisian and international family rental demand.
PGIM RE was accompanied by Pramena Investment, its asset manager partner in residential rental real estate, and advised by Cheuvreux Notaires, De Pardieu Brocas Maffei, Maître Marc Gaillard and Builders & Partners. The broker on the operation was Cushman & Wakefield.
