M&G Real Estate has bought the RIO office building in France’s capital from Ardian for €271m.
The RIO building, located in the Monceau Business Area of Paris, offers 8,676sqft of lettable area across eight floors. M&G Real Estate said the asset was acquired by its €5.2bn European Property Fund.
David Jackson, manager of the M&G Real Estate European Property Fund, said: “This landmark asset further strengthens our portfolio of French office assets and reinforces our goal to acquire larger lot sizes in well-performing European cities which are continuing to see strong occupier demand.
“ESG credentials are a major driver of our investment decisions, and this asset is one of the most sustainable of its kind in Paris and demonstrates our commitment to meet the highest ESG standards, which has become a key requirement for investors and occupiers alike.”
Stéphanie Bensimon, head of Ardian Real Estate, said: “This sale demonstrates the resilience of the European office market for high-quality assets, with structural changes to how people live and work creating new investment opportunities.
”Tenants are increasingly demanding superior spaces with the highest sustainability credentials that Rio offers.”
Ardian acquired the asset in 2018. Since the acquisition, Ardian has refurbished the building.
Omar Fjer, managing director in the real estate team at Ardian, said: “RIO is a landmark building in a highly sought after area of Paris, which has experienced significant demand for prime office assets in recent months.
“The top-quality refurbishment and sustainability credentials have understandably attracted prestigious tenants. We are delighted that the RIO building will become part of M&G’s portfolio for its next stage of development.”
Source: realassets.ipe.com on the 30th of May