Union Investment has acquired an office building in the CBD of Paris from global real estate investment manager Invesco Real Estate. The purchase price was not disclosed.
“The purchase of 5-7 Avenue du Coq marks the re-entry of Union Investment to the French investment market. This transaction demonstrates our ability to source off-market deals with strong fundamentals in the CBD of Paris, where there is clearly a lack of such opportunities. It also reflects our strong believe in the long-term upside potential of centrally located office buildings with excellent transport links,” said Diego Roux, Head of Transactions France at Union Investment.
The property benefits from excellent public transportation due to its proximity to Saint-Lazare railway station.
Built in 1900, the building offers ca. 4,500 sq m of office spaces. It iscurrently fully let to a French law firm Fromont Briens.
Real estate services provider JLL brokered the deal.