Macquarie Global Property Advisors (MGPA) and Générale Continentale Investissements (GCI) have teamed up to buy an office building in Paris for around E30m (£20.2m)
The 118,651 sq ft (11,023 sq m) property, which has been sold by AXA Real Estate Investment Management French division, is located in Montrouge, on the southern edge of the French capital. It has been acquired on behalf of Macquarie’s Global Property Fund II, which closed in September last year after raising US$1.3bn (£876.5m).
The property is currently vacant and the joint venture owners intend to begin an extensive refurbishment programme over the next six months before putting the property on the rental market.
Alex Jeffrey, MGPA managing director, said: ‘We believe there is excellent growth potential for office properties in and around Paris. This property is extremely well located and once refurbished will be highly attractive to various tenants, thereby taking advantage of that growth. This investment is consistent with MGPA’s strategy of extracting full value from its assets through active asset management.’
MGPA and GCI were advised by Maitre Vincent Roussel and Gide Loyrette Nouel. AXA REIM France was advised by Etude Cheuvreux and Kéops SA.