Cromwell acquires a core office asset in the heart of Paris CBD
Real estate investor and manager Cromwell Property Group (Cromwell) has acquired a 1,500 sq m office building located at 7 rue de la Baume in the 8th arrondissement of Paris on behalf of a foreign investor. Acquired off-market, the asset is fully let with a nine-year firm lease.
Built during the 19th century, 7 Baume was fully renovated in 2020. The building, which benefits from an established address, offers flexible and luminous floor plates and excellent technical specifications. The asset also has an underground level with common areas, several terraces and accessible balconies.
Diego Roux, Head of Acquisition and Disposals in France, at Cromwell Property Group, says: “Acquired through a complex share-deal, this investment highlights our ability to source office assets in the sought-after Paris CBD sector where transactions are rare, while also demonstrating our ability to offer vendors flexibility and security over the course of a transaction. Despite the challenges thrown up by the Covid-19 pandemic, we are delighted to be able to demonstrate our ability to source and secure core investment opportunities that offer our investors immediate attractive yields.”
Cromwell was advised by notary Allez & Associés, law firm Mayer Brown, KPMG and CBRE Design & Projects. The seller was advised by notary Notaires du Trocadéro, law firms TAJ and Jacquin.