CBRE Investment Management, on behalf of Zurich Insurance Group Germany, has completed the off-market acquisition of a Grade A office building in Paris from Sogelym Dixence, a French real estate developer.
The property is located at 5 rue de la Baume - Paris 8th arrondissement, in the heart of Paris's Central Business District (CBD). It is well connected to the Paris Métro via lines 9 and 13, as well as to national transport links through its proximity to Paris-Saint-Lazare.
The asset was redeveloped by Sogelym Dixence in 2008 to create a modern and efficient Grade A office space. Comprising circa 3,300 sq m across five floors above ground level, the building mostly features floor-to-ceiling windows on both sides of the property providing excellent natural lighting and offers common services and includes 32 parking spaces. The fifth and last floor benefits from a circa 100 sq m private terrace.
Riccardo Cobianchi, Head of Real Estate, Zurich Insurance Group Germany commented: "We are very pleased to increase our exposure to Paris, the second most invested market in Continental Europe. Baume is our third investment in France in 2021 and complements the previous acquisitions in logistics by further diversifying the portfolio geographically and income wise while embedding Zurich's ESG principles in the investment process. We are confident in the long-term outlook for France and will continue to look for opportunities to grow the portfolio further."
Gautier Beurnier, Country Manager France at CBRE Investment Management, said: "This was a unique opportunity to acquire a highly liquid asset in a sought-after location. Despite the uncertainty caused by the Covid-19 pandemic, high quality offices in Paris have retained their appeal and vacancy rates have remained low in this particular location. As the global economy continues to recover, we expect demand in both the occupier and investment markets will only grow further for well-located and modern office space."
CBRE Investment Management was advised by Lasaygues, Linklaters, Reedsmith, Property S², Ramboll, and Longevity. CBRE acted as broker initiating this off-market transaction.
Zurich Insurance Group
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 55,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 215 countries and territories. Zurich's customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $129.1 billion in assets under management* as of June 30, 2021. As an investor/operator, the firm creates sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, users, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the data and market insights, investment sourcing and other resources of the world's largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Investment Management, please visit www.CBREIM.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management's presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.
CBRE Clarion Global Real Estate Income Fund published this content on 12 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2021 09:41:05 UTC.