European real estate investment and asset manager AEW has acquired an office complex in the 17th district of Paris, on behalf of a separate account mandate with German public pension fund, Rheinische Versorgungskassen (RVK), from the German real estate investment company, Hansainvest Real Assets.
Financial details were not disclosed.
The complex was built in the 19th century and redeveloped in the second half of the 20th century and comprises a nine-storey property on Rue Jouffroy d’Abbans and a six-storey building on Rue de Prony.
Altogether, the complex provides 3,470 m2 of retail and office space. The retail space is let to Carrefour City and the office space is fully let to seven tenants from a well-diversified range of sectors, according to AEW.
Marc Langenbach, head of funds & separate accounts Germany at AEW commented: 'This acquisition marks our first for RVK and is strongly aligned to the mandate’s strategy of investing in high quality core investments in Paris.
'AEW was selected by RVK due to the strength of our network in France, as well as our expertise across our pan-European platform. We continue to monitor a pipeline of opportunities as we look to grow the portfolio in Paris, where we are confident in the long term outlook for one of Europe’s leading cities.'
The mandate has a core investment strategy focused on French office and retail assets and was awarded to AEW in December 2019 following a competitive tender process. The mandate has a total investment capacity of €250–€300 mln, including leverage of between 40-45%.
AEW was advised by Prud'homme & Baum, BG2V, Elan, Burgeap and Ernst & Young. CBRE France and LPA - CGR avocats acted for the vendor.