· What CRPN has bought a Parisian 1,650 sq m office from M&G Real Estate
· Why The asset, dubbed 13 ADN, was completely refurbished in 2018
· What next The WALB is longer than five years
Caisse de Retraite complémentaire du Personnel Navigant Professionnel de l’Aéronautique Civile (CRPN), the French pension fund for air crew members in civil aviation, has bought an office in Paris from M&G Real Estate.
The asset has a surface of 1,650 sq m (17,760 sq ft) and is located at 13 Alphonse de Neuville, in the 17tharrondissement of the French capital. It is fully leased to Groupe Crystal, an asset management consultancy firm. The WALB is longer than five years, according to market sources.
The price was not disclosed but React News reported in May that the property traded for around €40m, a price that represents a 20% discount compared to the original asking price.
The asset, dubbed 13 ADN, was completely refurbished in 2018 by Studio Vincent Eschalier architect. Upon completion of the work, 13 ADN was certified BREEAM RFO Very Good.
As part of this acquisition, CRPN called on Colliers Global Investors France to provide technical due diligence. Colliers GI also drew up a multi-year maintenance plan covering a 10-year period, to preserve the asset and ensure the safety of its users.
Grégoire Deramecourt, managing director of Colliers Global Investors France, said: “Working on such an asset, combining heritage dimensions and contemporary performance, was exciting and enabled us to identify aspects that are sometimes neglected and recommend additional ways of creating value. It shows that the historic Parisian property sector is capable of renewing itself while respecting sustainable values and its DNA.”
The selling brokers appointed for the sale by M&G were CBRE and Strategies and Corp.
Last year, the French pension fund CRPN also bought the €130m Galilée Vernet office.
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