UK-based asset manager M&G Real Estate has acquired ADN, a prime office asset located in the Central Business District of Paris, for €34 mln.
The trophy asset is being acquired vacant with existing planning permission and has been made on behalf of the M&G European property fund.
'With our second acquisition in Paris this year, we are establishing a firm foothold in a market which is benefiting from a positive economic outlook, strong employment growth and high demand from occupiers,' said David Jackson, fund manager at M&G Real Estate.
The off-market acquisition of the 1,800 m2 project follows the purchase of Greenwalk in Suresnes for €126.5 mln.
'ADN holds great potential, with an excellent location and a comprehensive redevelopment that will bring the asset up to the highest specification, creating an appealing opportunity for an occupier to relocate its headquarters,' added Marc Reijnen, head of asset management, Continental Europe at M&G Real Estate.
'As our European portfolio grows, we will continue to seek opportunities to move further up the risk curve with investments that require careful asset management,' Reijnen concluded.