Ardian has sold RIO, a prime office building in the prestigious Monceau Business Area of Paris, to M&G for €271 million.
The iconic site, first built in the 1920s, is located in the heart of the central business district at 2 place Rio de Janeiro in Paris, France, and was acquired by Ardian in 2018.
Since acquisition, Ardian’s expert Real Estate team has completed a global repositioning of the property to best-in-class standards, overseeing a heavy refurbishment that has been designed by DTACC architect firm.
”As with all Ardian real estate assets, RIO has been designed with sustainability at its heart, meeting the highest ESG standards. As such, it has HQE Excellent, BREEAM Excellent and Effnergie Renovation certifications, as well as a WiredScore Platinum label, one of the very few buildings in the 8th district,” Ardian said.
Key sustainable features include energy efficient heating and cooling solutions and the use of sustainable materials with a low carbon footprint in the refurbishment.
Comprising 8,676 sq ft of lettable area across eight floors, it offers tenants prime quality office space. Key features include improvements to the art-deco inspired, double height entrance hall, as well as the installation of a restaurant, auditorium and fitness centre for tenant use. In addition to being located next to Parc Monceau, the building boasts outdoor spaces in the form a rooftop terrace with views over the city, as well as private terraces and balconies.
The asset is fully let to five tenants in the financial and professional services industry, including Morgan Stanley, King & Spalding, Amala, Andera Partners and Blackfin Capital Partners, and is the Paris HQ for the majority of these tenants.
“This sale demonstrates the resilience of the European office market for high quality assets, with structural changes to how people live and work creating new investment opportunities. Tenants are increasingly demanding superior spaces with the highest sustainability credentials that Rio offers. At Ardian, we are committed to transforming buildings to positively contribute to better environment for people.” Stéphanie Bensimon, Head of Ardian Real Estate
“RIO is a landmark building in a highly sought after area of Paris, which has experienced significant demand for prime office assets in recent months. The top-quality refurbishment and sustainability credentials have understandably attracted prestigious tenants. We are delighted that the RIO building will become part of M&G’s portfolio for its next stage of development.” Omar Fjer, Managing Director in the Real Estate team at Ardian
Ardian recently announced it had raised €1.2bn for its latest real estate fund (AREEF II).