AEW, a leading European real estate investment and asset manager, announces the acquisition of an office complex in the CBD of Paris, on behalf of a separate account mandate with the German public pension fund, Rheinische Versorgungskassen (“RVK”), from the German real estate investment company, HANSAINVEST Real Assets.
The complex was built in the 19th century and redeveloped in the second half of the 20th century and comprises a nine-storey property on Rue Jouffroy d’Abbans and a six-storey building on Rue de Prony. Altogether, the complex provides 3,470 sqm of retail and office space. The retail space is let to Carrefour City and the office space is fully let to seven tenants from a well-diversified range of sectors.
Located in the CBD of Paris in the 17th district, the asset is in a sought after location in close proximity to the exclusive residential area around the Parc Monceau. Situated a short distance from the Wagram and Monceau metro stations as well as the Pereiere suburban train line, the asset provides strong connectivity with the rest of the capital.
This is the first transaction for the separate account mandate, which has a core investment strategy focused on French office and retail assets and was awarded to AEW in December 2019 following a competitive tender process. The mandate has a total investment capacity of €250 – €300 million, including leverage of between 40-45%.
Source : AEW