Schroder Real Estate completes sale of Paris office property


Schroder Real Estate is today announcing the sale of a 50% share in the Chevaleret office building, resulting in a significant net return to investors.

The sale – completed on behalf of Immobilien Europa Direkt (IED), an investment group of Zurich Investment Foundation – was made on the basis of an asset valuation of €230 million.

The Chevaleret office property is located in the 13th district of Paris, adjacent to the Paris Rive Gauche submarket, one of the most sought-after and dynamic areas for offices in the city.

Schroder Real Estate purchased the share in the 24,000sqm 9-storey building on behalf of IED in April 2014, having originally been identified as a significant value-add opportunity. The investment was part of a joint venture with French insurance company Malakoff Médéric.

The building, which was c. 60% pre-let at acquisition, underwent a complete €42 million restructuring and refurbishment (ie. €1.750/sqm), which was delivered on time and within budget, with full occupancy being reached before delivery in January 2016.

Thomas Guyot, Head of Real Estate Investment France, said:

“This sale is evidence of the skill and expertise of Schroder Real Estate for value-added investments, having identified this asset as an attractive investment opportunity five years ago. The significant net proceeds and strong investment returns to investors is a very positive outcome and reinforces Schroders’ view that active asset management can deliver superior risk-adjusted returns.”

IED, was launched by Zurich Investment Foundation and has been designed specifically for Swiss pension schemes.

Its investment strategy is focused on providing investors with a diversified portfolio of high-quality commercial real estate in Europe’s most attractive real estate markets.

For further information, please contact:

Nicole Carey            Tel: +44 (0)20 7658 4466/


Note to Editors

For trade press only.  To view the latest press releases from Schroders visit:

Follow us
Follow us
Follow us

Please remember that the value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.

This marketing material is for professional investors or advisers only. This site is not suitable for retail clients.

Issued by Schroder Investment Management Limited, 1 London Wall Place, London EC2Y 5AU.

For illustrative purposes only and does not constitute a recommendation to invest in the above-mentioned security / sector / country.

Registered No: 1893220 England. Authorised and regulated by the Financial Conduct Authority.

For your security, communications may be recorded or monitored.

On 17 September 2018 our remaining dual priced funds converted to single pricing and a list of the funds affected can be found in our Changes to Funds. To view historic dual prices from the launch date to 14 September 2018 click on Historic prices.