1 July 2019
Grosvenor Europe acquires first Paris office investment
Grosvenor Europe, part of the Grosvenor Group (Grosvenor), one of the world’s largest privately-owned property companies, has acquired its first office asset as part of its new investment strategy in Paris.
The office building is located in Levallois-Perret (Hauts-de-Seine) in the north west of the capital, and offers approximately 1,800 sqm over eight levels, as well as basement car parking. It is ideally located close to the Anatole France Metro station, which is less than 15 minutes from Gare Saint Lazare in central Paris.
The building, which dates back to the 1970s, will be rehabilitated in the long term to create premium office space, with the aim of reaching high design and environmental standards including:
- BREEAM high level energy performance certification
- The installation of charging stations for electric vehicles
- Upgrades to communal outdoor spaces including terraces, a rooftop garden and other areas with views of Paris.
Steve Cowen, Managing Director, Investments and Development, Grosvenor Europe, comments : "This acquisition is the first step in solidifying our new strategy which focuses on investing in and improving office assets. The Paris office sector is one of the most attractive markets in Europe and we are looking to invest around €150 million to €300 million in the next two to three years to make most of the growing demand for A Grade office space. We remain on the lookout for new development opportunities in Paris and the surrounding areas."
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Notes to Editors
About Grosvenor Europe:
Grosvenor Europe invests in, develops, operates and manages real estate assets and funds, with a focus on vibrant European cities including Paris, Stockholm, Madrid and Liverpool. Part of the Grosvenor Group, one of the world’s largest privately-owned property companies and active in more than 60 cities around the world, we utilise our local expertise to adopt a far-sighted, value-add approach in order to deliver lasting commercial and social benefit in the places where we are active. As at 31 December 2018, we managed €2,3bn of assets, including Skärholmen Centrum shopping centre in Stockholm, Sweden. We have a strong residential development pipeline in Madrid and Stockholm and an office portfolio in Madrid and Paris.