Schroder Real Estate has sold a 50 percent share in the Chevaleret office building in Paris. The sale, completed on behalf of Immobilien Europa Direkt (IED), an investment group of Zurich Investment Foundation, was made on the basis of an asset valuation of €230 million ($262 million).
The Chevaleret office property is located in the 13th District of Paris, adjacent to the Paris Rive Gauche submarket, one of the most sought-after and dynamic areas for offices in the city.
Schroder Real Estate purchased the share in the 24,000-square-meter (258,000-square-foot), nine-story building on behalf of IED in April 2014, having originally identified the property as a significant value-add opportunity. The investment was part of a joint venture with French insurance company Malakoff Médéric.
The building, which was 60 percent pre-let at acquisition, underwent a complete €42 million ($48 million) restructuring and refurbishment, which was delivered on time and wit
