European real estate investment manager Principal Real Estate Europe has acquired an office building in Levallois Perret, Paris, on behalf of a segregated account it manages for Sedco, the Sharia compliant Saudi asset manager.
Financial details were not disclosed.
Located directly opposite the metro station at 20-24 rue Jacques Ibert in the Levallois Perret suburb of Paris, the 9,800 m2 multi-let office building is fully occupied with tenants including the Italian energy company Eni, which is using it as a French headquarters.
'This is our maiden acquisition alongside Sedco Capital and a good example of the type of core+ asset we are looking to acquire. We are currently seeing some excellent infrastructure-linked investment opportunities in specific European cities and sublocations,' said Guillaume Masset, head of transactions and asset management in Europe for Principal Real Estate Europe.
'We are delighted with the Levallois acquisition as it marks our first investment in France,' said Sherif Selim, managing director & global head of real estate at Sedco Capital.
'We strongly believe in the French market and are confident that we will execute more quality transactions that offer risk adjusted returns for our clients alongside our valuable partner principal. We have capital allocated for core / core+ European real estate, targeting locations and assets that will benefit from long-term macro themes like infrastructure, demographics and innovation.'
Principal and Sedco were advised by Simmons & Simmons, Shift Capital, Duhamel Blimbaum, C&C Notaires and Denjean.
