Schroders Capital has acquired an office located at 41-43 rue Pergolèse in the 16th arrondissement of Paris, on behalf of one of the real estate team’s core/core+ pan-European investment funds.
Renovated in 2009 in accordance with France’s HQE environmental standards, the two buildings that make up this office provide 2,615 sq m of space over eight floors and 22 underground parking spaces.
The location between Porte Maillot and the Arc of Triumph offers excellent public transport links, which will be further improved by 2023 with the extension of a regional train line in Paris.
The buildings benefit from exceptional features with nine terraces (some with panoramic views) and two open-air gardens, supporting the office’s strong real estate value.
Schroders Capital will undertake a targeted investment programme focused on the communal and external areas, as well as certain technical elements in the private areas.
The proposed programme of works will aim to achieve the full potential of the buildings, including the refurbishment of the lobby, which will benefit from a new architectural style. This will transform the user experience by providing direct views and access to the external spaces (accessible terraces and gardens) as well as additional services.
The acquisition and the transformation plan are fully in line with Schroders Capital's Operational Real Estate strategy and are consistent with the new ways in which people choose to work in offices.
Laurent Dubos, Head of Real Estate France at Schroders Capital, says: "The acquisition of this building meets our investment thesis for office assets. These are investments which can cater to the changing demands from occupiers in terms of service levels, sustainability and flexibility of space use. Once we have completed our repositioning work, we plan to operate the office space in a flexible manner. The buildings and occupiers will also fully benefit from the improvement of the Île-de-France infrastructure network, with the arrival of regional train line E in 2023 at Porte Maillot, transforming this micro district of the 16th arrondissement into a new destination in the Central Business District.”
Schroders Capital was advised in this transaction by the notary firm Allez & Associés, DLA Piper on legal and tax aspects, ROM on technical aspects and Terao on energy aspects.
Catella Property acted as sole agent for the transaction.
Source: Propertyfundsworlds.com on the 22nd of October