Real I.S. AG has acquired an office building for €46 million in the Rue de Vaugirard 238 in the 15th arrondissement for the “BGV VII Europa” fund.
Built in the 1960s, the property was comprehensively repositioned in 2011/2012. It has a surface area of around 4,650 sq m over five floors. The vendor that sold by way of a sale-and-lease-back model is France’s Les Républicains party that has now signed a lease for ten years.
“The property meets the investment criteria of our “BGV VII Europa”, a fund for institutional investors: It is situated centrally on the left bank of the River Seine and has been fully let long term. The way the lease has been drawn up makes this property a risk-controlled investment with long-term prospects,” explains Axel Schulz, Global Head of Investment Management at Real I.S. AG.
“This acquisition has enabled us to further expand our French portfolio. The office property in the Rue de Vaugirard is located in one of the most desirable districts of Paris and blends in well with the urban environment. It fulfils all the requirements placed on a contemporary and attractive office property. Based on its extensive repositioning in 2012, we believe this longterm investment has further upside potential,” says Catherine Luithlen, President of Real I.S. France.