Principal Asset Management has sold an office building in the west of Paris to the insurer BNP Paribas Cardif.
The building, located at 19–21 rue Dumont d’Urville and 18–20 rue la Pérouse in the 16th arrondissement, was sold by Principal Asset Management on behalf of Principal European Office Fund. Completed in 1998, it totals 3,140 square meters (33,800 square feet) over ground and six upper floors and is let to Europa Group. The double-height entrance hall and circular, 500-square-meter (5,400-square-foot) floorplates allow all the office space to benefit from natural daylight. The sixth floor has been remodeled into a lounge and meeting rooms.
This acquisition enables BNP Paribas Cardif to continue its strategy of institutional investor and asset diversification on behalf of its policyholders through the euro fund and its range in real estate assets.
Guillaume Masset, head of transactions and asset management for Europe at Principal Asset Man