Property manager Grosvenor Group has purchased a office building in Paris as the first acquisition of a €300 mln buying spree in the French capital.
Financial details were not disclosed. The property in Levallois-Perret comprises 1,800 m2 and is Grosvenor’s first buy in the city’s office sector. It is located close to the Anatole France Metro station, less than 15 minutes from Gare Saint Lazare, in central Paris.
Steve Cowen, managing director, investments and development, Grosvenor Europe, said the acquisition is the first step in solidifying the company’s new strategy which focuses on investing in and improving office assets.
‘The Paris office sector is one of the most attractive markets in Europe and we are looking to invest around €150m to €300m in the next two to three years to make most of the growing demand for A Grade office space,' he said. ‘We remain on the lookout for new development opportunities in Paris and the surrounding areas.’
A refurbishment will take place to create premium office space, the new owner announced, with BREEAM high energy performance certification, charging points for electric vehicles and upgrades of communal spaces.