CBRE Global Investors sells Paris office building
CBRE Global Investors, on behalf of a separate account client, has sold the Antares office building in Paris to an institutional client of DTZ Investors.
Antares is a modern, high-quality office building in the highly regarded Boulogne-Billancourt area to the west of central Paris. The 10,442 sq m, eight-storey property was built in 2001 and was acquired by CBRE Global Investors, on behalf of its separate account client, in 2007. It has been comprehensively refurbished under CBRE Global Investors’ ownership and is fully let to Hilti, the international technology, software and services provider to the construction industry, on a long-term lease.
Martijn Hop, Senior Portfolio Manager, CBRE Global Investors, says: "Having made significant improvements to this property and secured a blue-chip tenant at a strong rent, now was a good time to sell, delivering an impressive return for our client after successfully executing our business plan.“
Gautier Beurnier, Head of Transactions France, CBRE Global Investors, adds: “Notwithstanding the coronavirus pandemic, the Paris market remains fundamentally strong, having emerged as a destination for foreign capital and with continued low vacancy rates.”
CBRE Global Investors is a leading investor in offices, with a total AUM of EUR8.3 billion in EMEA at 30 June 2020. This comprises a total of 990,000 square metres across 13 countries, including the United Kingdom, the Netherlands, Germany, Spain, Poland, Italy and France.