PGGM forms €250m Paris office venture
PGGM and Foncière Atland have created a joint venture to invest in office assets in Paris and the Ile-de-France region. The vehicle has an investment capacity of €250 million ($265 million). PGGM and Foncière Atland created the venture with the objective of investing in tertiary assets with the potential for value creation. The buildings will be repositioned as core assets, generating perennial rental flows, with a clear ambition to reduce energy consumption and improve environmental performance. The venture has started to invest its capital already. The first asset acquired by the joint venture is 38 rue de la République in Montreuil, France.