PGIM Real Estate and Varma complete acquisition of M Campus in Paris
PGIM Real Estate, in partnership with its client, the Finnish pension insurance company Varma, has acquired M Campus, a 45,000-square-meter office campus in Meudon, on the outskirts of Paris.
PGIM Real Estate is the real estate investment business of PGIM, the USD1 trillion global investment management businesses of US-headquartered Prudential Financial, Inc. (NYSE: PRU).
The agreement to acquire M Campus in Meudon, Paris, was announced in March. PGIM Real Estate acted on behalf of its Pan-European discretionary value-add fund.
Jocelyn de Verdelon, head of France, Spain and Portugal for PGIM Real Estate, says: “Particularly given the supply-constrained Paris office market, we are pleased to partner with our new client, Varma, to complete the acquisition of six class A offices near the Boulogne Trapèze office district. We look forward to continuing to assist their objective to diversify their real estate investments outside Finland.”
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.
Ilkka Tomperi, investment director, real estate for Varma, says: “Paris is a strategic and important location for our European real estate investments. The dynamics of the city with the ongoing infrastructure projects and its diverse occupier base make it an interesting investment destination. We look forward to working with PGIM Real Estate to crystallise the full potential of M Campus.”