London-based global real estate investment management company SFO Capital Partners, in partnership with Braxton Asset Management, has acquired a prominent office building on 20 Rue de la Victoire in the 9th arrondissement of Paris.
Financial details were not disclosed.
SFO said that the asset represented an opportunity to create value through its refurbishment and repositioning. The firm recently sold a prime office building located on 17 Avenue Hoche.
The 2,500 m2 office building is located in the 9th arrondissement, benefiting from strong demand from both traditional corporate tenants, as well as new-economy and tech occupiers.
Said Mohamad Abouchalbak, CEO of SFO: 'The commercial market in central Paris has proven its resilience, with consistent demand for office space which, coupled with limited availability, has been driving rental growth for prime assets exceeding pre-covid levels.
'We are pleased to have acquired in partnership with BAM, 20 Rue de la Victoire, a commercial office building in a prime location, further demonstrating our ability to identify assets ripe for repositioning in highly competitive markets.
'This repositioning will also include environmentally friendly measures aligned with our firm’s long term goals towards carbon emission reduction.'
Charles Duclert, managing partner of Braxton added: 'We’re thrilled to get this first deal across the line together with SFO Capital Partners. BAM continues to stay focused on inner-Paris repositioning opportunities such as this one.
'This transaction represents a unique opportunity to get office exposure in a chronically undersupplied sub-market at an attractive pricing. This new project will allow Braxton’s teams to further showcase their ability to generate value through redevelopments and deliver high quality, modern space with great sustainability credentials.'
