Investment Picks Up for French Property
The Wall Street Journal reports: International commercial-property investors looking for prime assets are beginning to target France, which is emerging as the second-most popular market after the United Kingdom.
The French investment market, which was static in the first quarter after almost two years of declines in activity, now seems to be moving again. Investment levels doubled in the second quarter, the biggest increase for that period in Europe, according to Aberdeen Property Investors.
There were three retail deals in the second quarter valued at more than €100 million ($143.4 million), including Hennes & Mauritz AB's April purchase of 31 Rue du Faubourg Honore from Unibail-Rodamco SA for €103.3 million, according to Real Capital Analytics.
Increased activity continued into the third quarter. In August, Deka Immobilien Investment GmbH closed on its purchase of office property Le Triangle Part Dieu in Lyon from ING Real Estate for €40 million. Also, GLL Real Estate Partners bought 10 Boulevard Haussmann in Paris for €50.1 million from AXA REIM, and Commerz Real bought the Espace Dumont d'Urville office asset in Paris from Klepierre SA for €32.7 million, according to Real Capital Analytics. All three properties are 100% occupied.
View the full article on The Wall Street Journal: Investment Picks Up for French Property
Posted by: Matthew Stone