PGIM Real Estate has bought a residential portfolio of two properties in Paris, France.
The real estate manager has paid an undisclosed amount to buy the assets located in the 16th arrondissement of Paris, on behalf of its European core strategy.
The assets bought are the 5,300sqm Le Sueur asset comprising 47 apartments and the 1,700sqm Victor Hugo asset which includes six high-end flats, a small house on the courtyard and a shop.
Jocelyn de Verdelon, head of France at PGIM Real Estate said: 鈥淭his acquisition, which is our first core residential rental transaction in France, is perfectly in line with our European core strategy and demonstrates our ability to secure attractive transactions in highly competitive markets such as the Paris residential market.
鈥淭hese prestigious assets provide secure and resilient income while offering attractive rental reversion potential.鈥�
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