Deka Immobilien has acquired a mixed-use property in Paris for around EUR 33 million. The seller is a private portfolio holder. The property is to be incorporated into the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa.
Built in the second half of the 19th century in the Haussmannian style, the building at 21 Avenue de l’Opéra comprises a total of almost 2,500 sqm of rentable office, retail and residential space. It is currently rented to four users. In 2019, Deka Immobilien was already able to buy the neighbouring building ensemble 23 Avenue de l’Opéra and 29 Pyramides for Deka-ImmobilienEuropa, which encloses the property it has now acquired. The existing property and the purchase property along the Avenue de l’Opéra share the sales space leased to the French retailer Monoprix on the ground floor, first floor and basement. The retailer established itself 85 years ago at this location in a prime location between the Paris Opera and the Louvre in the first arrondissement and benefits from a high footfall and increasing tourist flows.
This transaction offers the opportunity to expand the attractive existing building in Paris’ Central Business District to include the missing middle part of the building and to round off the ensemble. This will not only result in synergies in asset management, but also the opportunity to respond flexibly to future market developments and tenant wishes with breakthroughs between the two properties.
