Union Investment has acquired another prime office building in the heart of Paris from Zaka Investments, a French investment company. The purchase price was not disclosed.
Located at 60B Avenue d’Iéna, the property is acquired in vacant possession, to be fully refurbished, the company said.
“60B Avenue d’Iéna enjoys an excellent location in the most prestigious part of the Paris CBD, close to Place Charles de Gaulle and the Arc de Triomphe, and benefits from very good public transport links. This is a rare opportunity to refurbish, extend and reposition a historical Hôtel Particulier as a state-of-the-art Grade A office building. Products of this quality are few and far between in Paris and therefore have excellent letting prospects,” said Martin Schellein, Head of Investment Management Europe at Union Investment Real Estate GmbH.
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.