Real I.S. Acquires the “53 Hoche” Office Property in Paris's
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Press Release Real I.S. acquires the “53 Hoche” office property in Paris’s CBD • Large 1,352 sqm manage-to-core property in an excellent location Munich/Paris, 23 December 2020 – Real I.S. AG has bought the “53 Hoche” office building in Paris, France, via a real estate special AIF on behalf of a German insurance company. The vendor of the property is Primonial REIM on behalf of one of its funds. The parties have agreed to keep the purchase price confidential. “The property is a large 1,352 sqm office building dating back to the end of the 19th century and situated in the direct vicinity of the Arc de Triomphe. We plan to completely renovate the property focusing on sustainability with a view to making it a trophy building for reletting in one of Paris’s best locations – and therefore an outstanding investment for our client,” says Catherine Luithlen, President of Real I.S. France. Located in Avenue Hoche 53 in Paris, the building was completed in 1854 as a classic office building. It was restructured in 1983/1984 and its façade was renovated in 2017/2018. The building is divided up into a garden floor flooded with natural light due to its advantageous position, a ground floor and five upper storeys in the main building and four in the extension at the rear. The property’s office floors have been arranged around the centre courtyard and create a calm working environment. The office building is situated in the 8th arrondissement of Paris at the heart of the main business district which is home to a large part of the city’s commerce. The Arc de Triomphe and Champs-Élysées are in located the immediate vicinity. “France counts as one of Real I.S.’s most important target countries in Europe outside Germany. In addition, Greater Paris is one of Europe’s most important economic centres and also one of its largest office markets with office space of 56 million sqm, which accounts for half of France’s existing stock,” says Axel Schulz, Global Head of Investment Management at Real I.S. AG. Real I.S. was advised by full-service French law firm LPA-CGR avocats, Paris-based French business law firm Fidal, French notary’s office C&C Notaires and German law firm Noerr LLP specialised in supervisory law. Arcadis provided technical advice. Primonial REIM as the vendor was advised by the Paris-based French notary office Allez et Associés and brokerage firm Catella Property in a co-exclusive mandate with JLL. About the Real I.S. Group The Real I.S. Group has a track record of more than 25 years as BayernLB’s fund provider specialised in real estate investment. As a member company of the Sparkassen-Finanzgruppe (group of German savings banks, Landesbanken and associated companies), the Group ranks among the leading asset managers in the German market. Along with Alternative Investment Funds (special AIFs and closed- end mutual AIFs) and an open-ended real estate fund for private individuals, the range of products and services comprises customised fund solutions, club deals and joint ventures. The company has assets of over EUR 10 billion under management. The Real I.S. Group has two licensed investment management companies (KVGs) established under the German Investment Code (KAGB) and operates subsidiaries and branches in France, Luxembourg, Spain, the Netherlands and Australia. More information is available on the company's website at www.realisag.de. Contacts: Real I.S. AG Innere Wiener Straße 17 81667 Munich Germany Markus Lang Tel.: +49 (0)89 489082 - 220 Fax: +49 (0)89 489082 - 295 email: [email protected] Birgit Lehmann-Schraut Tel.: +49 (0)89 489082 - 226 Fax: +49 (0)89 489082 - 295 email: [email protected] .