Global real estate investor and investment manager SFO Capital Partners and investment and asset manager Sienna Real Estate have acquired a prime office property in the Paris CBD for an undisclosed amount.
The office building is located on 18 rue de l’Amiral Hamelin, at the junction of the 8th and 16th arrondissement, in an area which hosts numerous blue chip and high profile office occupiers.
The property benefits from excellent accessibility to three metro stations (Etoile, Iena and Trocadero) and is nearby to key sites such as the Eiffel Tower, Place Trocadero, Place de l’Etoile and Place d’Iena.
The 2,300 m2 flagship asset features an attractive Haussmannian façade and decorative high ceiling board rooms with classic historical paintings.
After extensive refurbishment, the property will be upgraded into a Grade A asset, incorporating state-of-the-art technical features and high ESG standards.
Mohamad Abouchalbak, CEO at SFO Capital Partners, said: ‘We are delighted to expand our partnership with Sienna Real Estate through this second joint acquisition following our successful investment, repositioning and exit from the trophy office building at 17 Avenue Hoche. This investment represents SFO Capital Partner’s third acquisition in the Paris CBD, a market that has demonstrated its strong resilience and defensiveness on the back of solid tenant demand and high market liquidity driven by the depth of the institutional investment market. In line with our firm’s commitments towards carbon emission reduction, our repositioning efforts on this asset will aim at integrating exemplary sustainability standards and environmentally friendly measures.’
Tarek Germanos, managing director – head of investments at SFO Capital Partners, added: ‘The defensive inherent characteristics of the prime Parisian office market coupled with the lack of quality office space and our successful track record in achieving superior-risk adjusted return across our European value-add strategy, equips us well to deliver this unique project with our partners. SFO Capital Partners continues to be focused on future repositioning opportunities similar to this one within the Paris CBD.’
Guillaume Unglik, managing partner at Sienna Real Estate, highlighted: ‘We are thrilled by this second acquisition together with SFO Capital Partners after the successful operation of 17 Hoche. We look forward to delivering this fantastic project whose goal is to combine the strengths of this very prestigious and historical “hotel particulier” with the latest grade A features in terms of ESG and users’ experience.’
Mathieu Vincent, head of acquisitions at Sienna Real Estate France, commented: ‘This transaction is an excellent illustration of the expertise and qualities of both SFO Capital Partners and Sienna Real Estate’s teams. We are very excited to undertake this ambitious restructuring program aiming at restoring the former nobility of this asset.’
