German investor Union Investment has acquired a prime office building in the heart of Paris for an undisclosed amount.
Located at 60B Avenue d'Iéna, the property is acquired in vacant possession, to be fully refurbished. The acquisition will be added to the portfolio of the Defo-Immobilienfonds 1 special real estate fund. The vendor is Zaka Investments, a French investment company.
Union Investment has recently acquired two office buildings in the Paris CBD: 5-7 Avenue du Coq and 59 Boulevard Haussmann.
'60B Avenue d'Iéna enjoys an excellent location in the most prestigious part of the Paris CBD, close to Place Charles de Gaulle and the Arc de Triomphe, and benefits from very good public transport links. This is a rare opportunity to refurbish, extend and reposition a historical Hôtel Particulier as a state-of-the-art Grade A office building. Products of this quality are few and far between in Paris and therefore have excellent letting prospects,' said Martin Schellein, head of Investment Management Europe at Union Investment Real Estate.
Planning permission has already been granted. The asset will be fully refurbished, including a partial demolition and reconstruction, and the total area will be extended to 2,650 m2.
Delivery is expected for mid-2023.
The transaction was brokered by JLL.
