Schroder Property completes major acquisition in Paris for Zurich Investment Foundation
Schroder Property Investment Management has completed its first acquisition in France on behalf of Immobilien Europa Direkt, an investment group of Zurich Investment Foundation. Immobilien Europa Direkt has acquired together with Malakoff Médéric, a French insurance company, the Chevaleret office property located in the 13th district of Paris, near the Paris Rive Gauche area, one of the most significant development areas in Paris.
The property is a 23,000 sqm 9-storey office building that is undergoing a complete refurbishment and will be delivered end of 2015. The total investment volume will be approximately €120 million. The property is 65% pre-let to a major tenant on the basis of a 9 year lease.
Tony Smedley, Head of Continental European Investment at Schroder Property, commented:
“This represents a significant step forward for Immobilien Europa Direkt. The property fundamentals are excellent and the return profile very attractive. We like the dynamics of the Paris office market and this property is very accretive to our pan European portfolio.”
Immobilien Europa Direkt, an open ended Euro denominated fund, 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 commercial real estate in the main western European markets.
Photography of Chevaleret is available.
For further information, please contact:
Estelle Bibby, Senior PR Manager, Schroders
Tel: +44 (0)20 7658 3431 / estelle.bibby@Schroders.com
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Schroder Property Schroders has managed property funds since 1971 and currently has £11.0 (€13.4 /US$18.4) billion of gross property assets under management as at 31 March 2014.
Most of the property funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction. For further information about Schroders’ property business visit www.schroderproperty.com
Schroders is a global asset management company with £268.0 billion (EUR324.1 billion/$446.8 billion) under management as at 31 March 2014. Our clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.
With one of the largest networks of offices of any dedicated asset management company, we operate from 37 offices in 27 countries across Europe, the Americas, Asia and the Middle East. Schroders has developed under stable ownership for over 200 years and long-term thinking governs our approach to investing, building client relationships and growing our business.
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Malakoff Médéric is a major player in the supplementary social protection, encompassing two major activities (data as at 31 December 2012) :
- Supplemental retirement plan management for 2.8 million retirees and 3 million contributing employees, a public interest mission conducted on behalf of Agirc-Arrco.
- Individual insurance (health and disability insurance, retirement savings schemes) , 3.7 million employee beneficiaries (in 185,000 companies) and 1.2 million individual beneficiaries.
Malakoff Médéric puts its expertise at the disposal of 25 branches via a professional health and / or pension agreement. Malakoff Médéric is a paritarian, mutual and non-profit making institution. This style of corporate governance ensures that both companies’ and workers’ interests are considered and defended. Through the social action it undertakes, Malakoff Médéric serves over 90,000 individuals in vulnerable situation.
The Group guides its insured persons to facilitate access to care offering and help companies become "territorial health", workplaces where employees’ wellbeing and performance go hand in hand. Website: www.malakoffmederic.com