Weinberg Capital Partners acquires additional Paris office building
Weinberg Capital Partners has acquired a commercial building in the 18th arrondissement of Paris, the third acquisition of its value-add fund WREP #3.
This property of more than 2,800 sq m, is located at 5 rue des Cloÿs, close to the town hall of the 18th arrondissement and Montmartre.
The building offers office units of more than 500 sq m as well as a large rooftop with panoramic views over Paris and the Sacré-Cœur Basilica.
Convinced by the location and the excellent fundamentals of the building, Weinberg Capital Partners intends to carry out a restructuring operation to create a new office building in line with users' expectations.
Jean-Philippe Olgiati, managing director of real estate activities at WCP, says: "This transaction is perfectly in line with the fund's strategy of focusing on assets to be repositioned in Paris. At a time when many are questioning the future of the office sector, we remain convinced by this asset class and by the sustained demand from users for smaller spaces, between 1,500 sq.m. and 3,500 sq.m., well located in Paris in lively neighbourhoods, benefiting from views, outdoor spaces and services".
The transaction was financed by BRED Banque Populaire. The buyer was advised by Thibierge (Julien Miara), Theop, Racine and BNP Paribas Real Estate.