Global investment manager Schroder Real Estate has sold a 50% share in the Chevaleret office building in Paris in a deal which values the asset at €230 mln.
The sale – completed on behalf of Immobilien Europa Direkt (IED), an investment group of Zurich Investment Foundation – produces a significant net return for investors, Schroders said.
'This sale is evidence of the skill and expertise of Schroder Real Estate for value-added investments, having identified this asset as an attractive investment opportunity five years ago,' said Thomas Guyot, head of real estate investment France.
The Chevaleret office property is located in the 13th district of Paris, adjacent to the Paris Rive Gauche submarket.
Schroders purchased the share in the 24,000 m2 9-storey building on behalf of IED in April 2014. The investment was part of a joint venture with French insurance company Malakoff Médéric.
The building, which was c. 60% pre-let at acquisition, underwent a complete €42 mln restructuring and refurbishment according to Schroders, with full occupancy being reached before completion in January 2016.
IED was launched by Zurich Investment Foundation for Swiss pension schemes.
