CBRE Global Investors has acquired, on behalf of a separate account client, an office building located in Paris from French insurance firm MGEN.
Financial details were not disclosed.
The 4,370 m2 building is located on Avenue Ledru Rollin, near place de la Bastille, and was built in the 1920s.
CBRE said that the acquisition was in line with 'a strategy of investing in assets located in work-live-play submarkets and tech clusters providing significant rental upside'. A number of short- and medium-term asset management initiatives have been identified to increase the building’s value.
Lasaygues, Linklaters, Reed Smith, Artelia and Ramboll Environ advised CBRE Global Investors on the deal.
MGEN were advised by BNP Paribas Real Estate in the context of an exclusive sales mandate.