PGIM Real Estate makes triple purchase in France

PGIM Real Estate has made two office acquisitions and purchased an under-construction warehouse in France.

Financial details were not disclosed.

Located in Paris’s business district on rue de Paradis, the Atria office building comprises 5,000 m2 and is fully leased to coffee and tea company, Jacobs Douwe Egberts. The building dates from the 19th century and was repurposed as office space in 2012. In 2013, it changed hands for €45 mln.

The other office buy is a campus in Toulouse, in southern France. The Portes Sud comprises three buildings totalling around 20,000 m2, in the business district of Bordelongue. Built in 2010 by developer Altarea Cogedim, PGIM RE intends to repurpose the asset to draw new tenants to the partially vacant property.

The warehouse PGIM has acquired is slated for completion in 2020 and is located 25km outside Paris. When completed, it will feature 76,000 m2 of space. Part of the deal is an agreement to create a 31,000 m2 logistics facility in the densely populated Île-de-France region of Paris.

Welcoming the acquisitions, Jocelyn de Verdelon, head of France, Spain and Portugal at PGIM RE, said: ‘These recent acquisitions demonstrate the agility of PGIM Real Estate’s platform in France, as well as our ability to execute on transactions across sectors and strategies in which we have conviction.

'This cross-functional expertise enables us to successfully deliver our strategy across defined risk return requirements.’

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