Union Investment has purchased an office building at 59 Boulevard Haussmann / 34 rue des Mathurins in downtown Paris in a sale and lease back transaction.
The seller is the French bank Crédit du Nord, which has leased the building back.
Union Investment has only recently re-entered the French investment market with the acquisition of an office building in the immediate vicinity, at 5-7 Avenue du Coq.
Built in 1927 with its impressive Art Déco facade, the property has a rental area of around 10,800 m², which is spread over the ground floor, seven upper floors and two basement floors. The property was extensively renovated between 2009 and 2020.
The property has excellent public transport connections, and the “Saint-Lazare” and “Opera-Auber” transport hubs are in the immediate vicinity. In addition, many attractive shops and restaurants as well as the well-known department stores “Le Printemps Haussmann” and “Galeries Lafayette” are within walking distance.
“Prestigious and well-located properties like these are very rare in Paris city center, one of the narrowest rental markets in Europe. The impressive architecture and the special qualities of Boulevard Haussmann 59 offer great potential for the renovation and repositioning of this property in the future,” said Martin Schellein, Head of Investment Management Europe at Union Investment.