To read this full article you need to be subscribed to Newsline.
Sign in Sign up for a FREE subscriptionGIC with U.S. partner buys Paris office
French REIT/SIIC Cegereal, controlled by U.S. firm Northwood Investors and Singapore’s sovereign wealth fund GIC, has paid €218 million ($243 million) to buy Passy Kennedy, a 23,615-square-meter (254,190 square feet) office in the 16th arrondissement of Paris.
The seller was not disclosed.
Jérôme Anselme, CEO of Cegereal, said, “The transaction is a great opportunity to continue Cegereal’s growth with its first acquisition in Central Paris. Passy Kennedy is an iconic building benefiting from exceptional views and large, flexible floor plates. Additional investments will offer value creation through strong rental reversion.”
Passy Kennedy is located in the extended Paris CBD, well positioned on the banks of the Seine, near La Maison de la Radio.
The asset is adjacent to an RER C station and within walking distance of metro stations, providing excellent connectivity.
Passy Kennedy is currently 100 percent occupied by 10 tenants such as
