A joint venture between European real estate firm TwentyTwo Real Estate and Massena Partners has purchased an office building in La Garenne-Colombes, Paris for €38 mln from Paris-listed real estate investor MRM.
The Nova building, 81% occupied, is located near La Défense and was refurbished to meet HQE and BREEAM standards in 2012. Comprising 10,600 m2 of offices, distributed over 17 floors, it also benefits from 254 parking spaces.
The deal marks MRM's effective exit of the office segment, in line with its strategy to focus on the acquisition and management of retail properties. The company is currently investing around €35 mln to improve seven of its nine retail-focused assets.
Initiated in 2016, the refurbishments are being executed in phases, with the largest, the extension of the Valentin shopping centre near Besançon, expected to complete in 2019.
MRM was advised by Cushman & Wakefield as well as notary ADDH on the sale.
The buyer was advised by Scaprim Asset Management, Clifford Chance and the notary firm Allez & Associés.
