Real Estate鈥檚 European office investment joint venture has acquired a fully-let 75,300sqft asset in France鈥檚 capital.
The manager said it has acquired the office on rue Jobb茅 Duval on behalf of the Cityhold Office Partnership (CHOP). The property, which was built in the 1930s, is set over six floors.
CHOP was created in 2015 and managed by to target European core office assets, on behalf of the US financial services group TIAA and Sweden鈥檚 AP1 and AP2. CBRE Global Investment Partners joined the existing investors in February last year.
Nuveen said the acquisition fits with CHOP鈥檚 strategy of targeting core and value-add properties in key European Tier 1 cities, 鈥渨ith potential for renovation in future, also supported by the city鈥檚 low vacancy rate and lack of short-term supply鈥�.
Liz Sworn, fund manager at Nuveen Real Estate, said: 鈥淲e are pleased to have been able to acquire this asset in Paris, that offers a strong tenant covenant and potential for future improvements. Due to its location in the vibrant 15th arrondissement, we believe that it should help provide resilient returns for our investors for years to come.
鈥淭he ongoing pandemic has accelerated occupier trends within the office market, increasingly highlighting the importance of collaboration, wellbeing and health and safety, so we plan to work closely with the tenants in the future to ensure we are providing a safe and effective workplace.鈥�
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