PGIM Real Estate to acquire M Campus in Meudon, Paris
PGIM Real Estate is to acquire M Campus, a 45,000-square-metre office campus in Meudon, on the outskirts of Paris.
PGIM Real Estate, acting on behalf of its Pan-European discretionary fund and an institutional co-investor, is the real estate investment business of PGIM, Inc, the USD1 trillion global investment management businesses of US-headquartered Prudential Financial.
The property was purchased from a joint venture between Norges Bank Real Estate Management and AXA France, represented by AXA Investment Managers – Real Assets.
The office campus, comprised of six Class A office buildings, sits along the banks of the Seine and less than 500 meters from the Boulogne Trapèze office district, opposite Seguin Island. The campus was completed in 2006; two of the office buildings were recently renovated and will receive a BREEAM RFO Good certification for sustainable design. The remaining buildings are fully let to a global business.
Jocelyn de Verdelon, Head of France, Spain & Portugal for PGIM Real Estate, says: “This acquisition of a grade A office campus provides our investors a well-balanced mix of income yield and the opportunity to create value through leasing up the recently renovated buildings. The location of this asset offers an ideal solution for tenants seeking access to the Boulogne Trapèze district.”
Cheuvreux, De Pardieu Brocas Maffei and Builders & Partners advised PGIM Real Estate on this acquisition. AXA Investment Managers – Real Assets was assisted by Wargny Katz and Knight Frank as part of a co-exclusive mandate with CBRE.