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The office blocks “Axialys I” and “Axialys II” in Paris-Saint-Denis now have a new owner. For about 120 million euros UFG Real Estate Managers has taken over the two properties, with a total lease area of approx. 24,300 m², from Union Investment Real Estate GmbH, Hamburg, for its own funds. Euragone Asset Management, CB Richard Ellis and BNP Paribas RE accompanied the transaction on behalf of Union Investment. The sale was officially recorded by the notary Maître Louis Gourret.
“Axialys I” and “Axialys II” belong to the first investments made by the Hamburg-based real-estate fund manager in Paris. In the year 2000 the buildings were purchased by Union Investment as a speculative project development for the open-end real estate fund UniImmo: Europa. “We recognized the potential of Saint-Denis – at that time still a developing market – early on,” said Dr. Karl-Joseph Hermanns-Engel, a member of the management board of Union Investment Real Estate GmbH. “During the ten-year period in which the properties were held, the fund was able to profit from the good value development due to revaluation of the location of Saint-Denis.”
“Axialys I” has been leased long-term to the personnel service company Randstad, while “Axialys II” is leased to a public authority of the French finance ministry. “After the successful subsequent leasing to two individual, highly creditworthy tenants the framework conditions in the positively developing investment environment were ideal for the sale of the properties, which we took advantage of in the interest of the fund,” explained Dr. Hermanns-Engel.
Union Investment has invested in a total of 26 properties in Paris with a real-estate value amounting to around 2.7 billion euros. “We plan to invest still more in Paris and in the French provinces,” said Dr. Hermanns-Engel. “On the other hand we will also play a greater role as a seller in France than we have done in recent years, thereby actively benefiting from the market situation.” ( CS della Società).
Nell’ immagine, il complesso venduto
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