PARIS, 26 March 2014 – A fund managed by CBRE Global Investors, the leading global investment management firm, has acquired 27 rue de Berri, Paris, in an off-market deal. The vendor was Prepar Vie, a French insurance company and subsidiary of the BRED Group.
The freehold office building is located in the heart of Paris’s CBD just off the Avenue de Champs-Elysées in the 8th arrondissement. The building has a useable area of 3,658 sq m with 38 underground parking spaces and offers terraces on most floors. The property has seven tenants including Arkeon Finance, BBC, Sony, and Etihad Airways.
Richard Everett, Fund Manager, CBRE Global Investors commented: “We recently closed on the Marengo building in Paris, and this asset is another tactical acquisition based upon the current rental levels which we believe will rise from 2014.”
Ian Kelley, Senior Portfolio Manager, CBRE Global Investors added: “We sourced off-market this quality office building through a focused search mandate with Catella, a local specialist in Paris CBD. The property offers numerous opportunities for asset enhancement and value creation.”
Catella, Linklaters, and Lasaygues & Associés acted for CBRE Global Investors and Cheuvreux Notaires acted for the Prepar Vie.
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $89.1 billion in assets under management* as of December 31, 2013. 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 premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 44,000 employees in approximately 350 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.