Aviva Investors, the global asset management business of Aviva plc, has acquired the 112 Wagram office building in Paris from Société Foncière Lyonnaise (SFL), on behalf of one of its clients.
”The net sale price was approximately €120 million,” said SFL in a statement.
Located in the 17th arrondissement of the city, 108-112 Avenue Wagram sits at the heart of the central business district of Paris and offers approximately 5,500 sq m of office space spread across a ground floor, four upper floors, as well as a lower ground floor with parking space for 28 cars. It features light-filled floor areas, private terraces on every floor, high floor-to-ceiling height and a large interior courtyard.
The historic property was originally acquired by SFL in 2010 and has been redeveloped over the past ten years. Characterised by its brick façade and contemporary extension, the internal areas have been thoroughly renovated.
Thanks to its outstanding amenities, coupled with its location near Parc Monceau and excellent road and public transport links, the property enjoys positive rent reversion and is home to a number of leading global businesses under long-term leases, according to SFL.
Grégoire Bailly-Salins, Head of Transactions for Continental Europe at Aviva Investors, commented: “112 Wagram is an exceptional property and we are delighted to increase our existing portfolio of assets under management in the central business district of Paris. Its unique surroundings and qualities, coupled with a central location and close transport links, make it a compelling asset that we expect to provide long-term performance for our clients. We are also pleased that it has obtained a number of labels and certifications, which aligns it well with our commitment to improving the energy and carbon efficiency of the portfolio under management.”
Aude Grant, Deputy MD, AM & Investment at SFL, said: “This performance demonstrates the resilience of properties with solid real estate fundamentals, a desirable location and first-rate tenants, and highlights major investors’ ongoing interest for core assets in the Paris CBD”.
Aviva Investors was advised by Aurélien Bourdet (Screeb), Géraldine Machinet (CMS), Theop and Manexi. SFL was advised by Anne-Hélène Garnier (Oudot) and Cushman & Wakefield.