Union Investment acquires trophy office building in the CBD of Paris

Union Investment has acquired an office building at 59 Boulevard Haussmann/34 rue des Mathurins. The seller is French bank Crédit du Nord, which has leased back the property. The purchase is for the portfolio of the open-end property fund UniImmo: Deutschland. Union Investment has only recently re-entered the French investment market with the acquisition of an office building in the immediate vicinity, at 5–7 Avenue du Coq.

"Prestigious and well-located properties like this are rare in the Paris CBD, one of the tightest rental markets in Europe. The striking architecture and intrinsic qualities of 59 Boulevard Haussmann offer a great potential to redevelop and reposition this asset in the future," said Martin Schellein, head of investment management Europe at Union Investment.

Built in 1927, the property with its Art Déco façades was extensively renovated between 2009 and 2020. The rental space of 10,800 square meters (116,250 square feet) is distributed over the