AEW Europe, the Paris-based real estate investment management firm, has completed a large Paris office portfolio acquisition on behalf of an unnamed institutional investor, it announced.
The firm, which alongside its US counterpart AEW Capital Management manages €40 billion, of real estate, said it has acquired four offices for €300 million.
Three of the offices are located in the Parisian central business district in the 8th arrondissement of Paris -10/12 rue de Tilsitt and 8 rue Lavoisier and in the 2nd arrondissement of Paris – 2 rue du Quatre-Septembre. The other building is located in Montrouge, a southern suburb of Paris, on 8 rue Francois Ory.
The properties total 290,000 square feet of space and are fully-let on long leases to occupiers including law firm Cleary Gottlieb Steen & Hamilton, Jewelry business Van Cleef & Arpels, advertising firm Shibsted (Le Bon Coin) and publishing company Mondadori.
The deal is the latest event in a busy year at AEW Europe. Other highlights include the first closing for its European Value Investors Fund on €101 million in June and the succession of Rob Wilkinson to chief executive officer in place of Christian Delaire in March. Delaire joined Italian fund manager Generali.