PGIM Real Estate has signed an agreement to acquire M Campus, a 45,000-m2 office campus in Meudon, on the outskirts of Paris, 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 signed the deal on behalf of its pan-European discretionary fund and an institutional co-investor. The transaction is expected to close in May 2018.
The office campus, comprised of 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.
'This acquisition of a grade A office campus provides our investors a well-balanced mix of income yield and the opportunity to create value through leasing up the recently renovated buildings. The location of this asset offers an ideal solution for tenants seeking access to the Boulogne Trapèze district,' said Jocelyn de Verdelon, head of France, Spain & Portugal for PGIM Real Estate.
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.
