Barings Real Estate, part of global real estate investment manager Barings, has acquired an office building at 9 rue du Helder in Paris from a private investor on behalf of institutional investors.
Financial details were not disclosed.
The property, which is currently vacant, comprises around 1,600 m2 split across five floors including a mezzanine level on the ground floor.
Barings intends to completely refurbish the property to a grade A specification. Situated in the ninth arrondissement, the property is in the heart of Paris’ CBD in the Opera sub-district.
'This is a unique opportunity to deliver a grade A office building in a market facing a chronic shortage of both new and refurbished office space. Given the growing popularity of the area, the high-quality finish and limited competition, the property should appeal to a broad range of tenants once refurbishment works are complete,' said Severine Laffineur, country head real estate France at Barings.
Barings was advised by Oudot et Associés (Notary), Aliuta (technical advisor),DLA (legal and corporate) and LPA (financing). The vendor was advised by Cheuvreux et Associés (Notary) and BNP Paribas Real Estate (real estate). The Banque Postale, who financed the acquisition, was advised by Depardieu Brocas Maffei AARPI (lawyers) and Wargny / Katz (Notary).