Barings acquires vacant office building in Paris Opera district
Barings Real Estate has acquired an office building at 9 rue du Helder in Paris, from a private investor as part of its pan-European value-add real estate investment strategy on behalf of institutional investors.
The property, which is currently vacant, comprises circa 1,600 sq m split across five floors including a mezzanine level on the ground floor. Barings intends to implement a comprehensive asset management strategy involving the complete refurbishment of the property to a grade A specification. Situated in the ninth arrondissement, the property is in the heart of Paris’ CBD in the Opera sub-district and provides excellent public transport connections through its close proximity to the Opera and the Saint Lazare train stations.
Severine Laffineur, Country Head Real Estate, France at Barings, says: “This is a unique opportunity to deliver a grade A office building in a market facing a chronic shortage of both new and refurbished office space. Given the growing popularity of the area, the high quality finish and limited competition, the property should appeal to a broad range of tenants once refurbishment works are complete.”
Barings was advised by Oudot et Associés (Notary), Aliuta (technical advisor),DLA (legal and corporate) and LPA (financing). The Vendor was advised by Cheuvreux et Associés (Notary) and BNP Paribas Real Estate (real estate). The Banque Postale, who financed the acquisition, was advised by Depardieu Brocas Maffei AARPI (lawyers) and Wargny / Katz (Notary).