Grosvenor has acquired a Parisan office block for €112.5m (£77.4m) – it’s first activity in the French office sector since 2002.
The property, located at 68 Rue du Faubourg Saint Honoré, Paris 8, comprises 104,000 sq ft of office and retail and includes 77 underground parking spaces.
Grosvenor acquired the property with two interconnected buildings, divided by a landscaped garden, through a joint venture with the pension fund ABP.
Steve Cowen, investment director for Grosvenor Continental Europe said: “This new acquisition represents an important step in our strategy to diversify our current portfolio in Continental Europe and to return to the French office market we exited in 2002.
“Our investment programme targets Paris and the 3 major French cities Lyon, Marseille and Lille.”
References: EGi News 29/06/06
