Union Investment has re-entered the French property market with the acquisition of an office building in the CBD of Paris at the end of Avenue du Coq, a private road close to Saint-Lazare railway station.
The acquisition - the first by Union in France since 2019 - will be added to the holdings of the UniInstitutional European Real Estate fund. The vendor is the global real estate investment manager Invesco Real Estate. The purchase price was not disclosed.
Built in 1900, the building offers 4,500 m2 of office space and is currently fully let to the French law firm Fromont Briens.
'The purchase of 5-7 Avenue du Coq marks the re-entry of Union Investment to the French investment market. This transaction demonstrates our ability to source off-market deals with strong fundamentals in the CBD of Paris, where there is clearly a lack of such opportunities. It also reflects our strong believe in the long-term upside potential of centrally located office buildings with excellent transport links,' said Diego Roux, head of transactions France at Union Investment.
Real estate services provider JLL brokered the deal.
