Pramerica Real Estate Investors has completed the acquisition of a Grade A retail and office building in the vicinity of the Champs Elysées avenue in Paris.
Pramerica Real Estate Investors has completed the acquisition of a Grade A retail and office building in the vicinity of the Champs Elysées avenue in Paris.
Pramerica, the real estate investment management and advisory business of New York-listed Prudential Financial - was acting on behalf of an unnamed investor.
The financial details of the transaction were not disclosed.
49/51 avenue George V is a multi-let building in the immediate vicinity of the Champs Elysées. A full refurbishment of the building was completed in 2007 to provide high-quality flexible space arranged over eight floors.
Jocelyn de Verdelon, head of France, Spain & Portugal for Pramerica, said: '49/ 51 avenue George V combines high-quality retail with efficient modern office space close to the famous Champs-Elysées. We believe that well-located prime assets of this nature have excellent reversionary potential and subsequently offer a compelling risk-return profile.'
Pramerica was advised by Wargny Katz et Associés and De Pardieu Brocas Maffei. The seller, a private investor, was advised by JLL through a co-exclusive mandate with BNP Paribas.
