The property, located in the heart of Paris, comprises c. 15,000 sqm of office space and c. 1,800 sqm of retail space. The building is mainly occupied by BNP Paribas Bank who will remain in the premises over the next few years.
Gautier Beurnier, Head of Transactions France, CBRE Global Investors said: “The fantastic location and uniqueness of the building allows our fund to pursue a long-term strategy with a core tenant in a core location. There is also considerable potential to upgrade the building in order to meet demand from new tenants for large modern office and retail space in the heart of Paris.”
John Mulqueen, Head of transactions EMEA, CBRE Global Investors said: “This acquisition fits perfectly within our strategy to invest in the most attractive European cities with strong long-term economic fundamentals. Paris is one of our key target markets and we are delighted to have secured this exceptional asset on behalf of our client.”
In this transaction, CBRE Global investors was advised by Linklaters, l’Etude Lasaygues, Reed Smith, PwC, Property S², Ramboll Environ et Knight Frank.
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About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $103.2 billion in assets under management* as of December 31, 2017. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2017 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 80,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.