Sale and leaseback in the CBD of Paris: Union Investment has acquired an office building at 59 Boulevard Haussmann / 34 rue des Mathurins. The seller is the French bank Crédit du Nord, which has leased back the property. The purchase is for the portfolio of the open-ended property fund UniImmo: Deutschland. Union Investment has only recently re-entered the French investment market with the acquisition of an office building in the immediate vicinity, at 5-7 Avenue du Coq.
“Prestigious and well-located properties like this are rare in the Paris CBD, one of the tightest rental markets in Europe. The striking architecture and intrinsic qualities of 59 Boulevard Haussmann offer a great potential to redevelop and reposition this asset in the future,” says Martin Schellein, Head of Investment Management Europe at Union Investment.
Built in 1927, the property with its impressive Art Déco façades was extensively renovated between 2009 and 2020. The rental space of ca. 10,800 sqm is distributed over the ground floor, seven upper floors and two basement levels.
The property has excellent public transport connections, with the transport hubs “Saint-Lazare” and “Opera-Auber” in the immediate vicinity. In addition, many attractive shops and restaurants are located within a short walking distance, as are the high-end department stores “Le Printemps Haussmann” and “Galeries Lafayette”.
Union Investments was advised by Screeb Notaries, Archers on the legal side, Simmons & Simmons for tax and Drees & Sommer as technical advisory. Société Générale Real Estate Advisory brokered the deal.
