PGIM Real Estate has sold the remaining properties in the M Campus real estate complex in Meudon, France, on behalf of its closed-end value-add fund, European Value Partners.
Financial details were not disclosed.
Acquired in 2018 as part of PGIM Real Estate's European value-add strategy, M Campus is a 45,000 m2 property complex divided into six buildings.
Four buildings with a surface area of more than 21,000 m2 were fully leased to Thales in 2020 under a 12-year firm lease and sold to Primonial in the same year.
The remaining two properties most recently sold have a total surface area of approximately 24,000 m2 and are occupied by tenants including Capgemini, Thales, Vallourec and HP who have signed long-term leases.
The properties, which were extensively redeveloped in 2018, also benefited from additional refurbishments in 2021 designed to improve their environmental performance. Thus, the buildings are now certified BREEAM in Use Excellent, exceeding the objectives initially set.
'The strategic location of M Campus and its excellent real estate fundamentals have enabled us to support major French and international groups in locating their headquarters there for the long-term. The leasing of more than 38,000 m2 in 2020 and 2021 in a difficult rental market outside of downtown Paris demonstrates once again the execution skills of our Paris-based asset management team,' says Nabil Mabed, head of France, Spain and Portugal at PGIM Real Estate.
PGIM Real Estate was advised in this transaction by CBRE under exclusivity, Maurice Gauchot as Senior Advisor, Cheuvreux (Marie-Anne Le Floch) and law firm De Pardieu Brocas Maffei (Pierre Gebarowski and Emmanuel Chauve).
