Union Investment has invested in another prime office building in the heart of Paris. 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 special real estate fund DEFO-Immobilienfonds 1. The vendor is Zaka Investments, a French investment company. The purchase price was not disclosed.
Union Investment has recently acquired two office buildings in the Paris CBD: 5-7 Avenue du Coq and 59 Boulevard Haussmann.
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 ca. 2,650 sqm. Delivery is expected for mid-2023.
Source ; Union Investment