DWS today announced the forward funding of a Grade A office property, B-Square, in the Greater Paris department of Seine-Saint-Denis. The acquisition is on behalf of its institutional, open ended core real estate fund, Europe II. This is the fund’s fifth acquisition bringing its gross asset value to an estimated EUR 786 million.
On completion, the property will comprise 9,500 square meters of office accommodation and offer a divisible floor design and an anticipated HQE Excellent certification. Development is expected to complete in October 2021, at which time a tenant in the construction industry will take occupation of approximately 42% of the space.
Located in the heart of the rapidly developing neighbourhood of Saint-Ouen, the micromarket has become a booming office district thanks to its recent gentrification and is now home to many business headquarters. The location benefits from close proximity to two subway stations and will soon connect to the Grand Paris Express.
Ronen Ribak, Head of Transactions, Europe said: “This acquisition demonstrates our continued focus to invest in emerging office locations in key European cities serving a diversified range of tenants looking for a vibrant environment to further grow their business.”
Nicoletta De Bona Bottegal, Portfolio Manager, Europe II continued, “Positive fundamentals of this emerging Parisian submarket align well with Europe II’s investment strategy as the fund expands into locations with strong occupational demand and expected rental growth. We will continue to selectively seek opportunities to capture capital appreciation in core locations across Europe.”
This follows Europe II’s acquisition earlier this year of a prime high street retail property located in one of central Dublin’s premier retail streets. In 2018, Europe II jointly purchased a large residential portfolio in the Netherlands; it also acquired a portfolio comprising six logistics assets across France, and the joint purchase of a Grade A office in Stratford’s International Quarter London (IQL).
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DWS - Real Estate
DWS’s real estate investment business has been investing in real estate assets for almost 50 years. As part of the Alternatives platform, the real estate business has more than 450 employees around the world and EUR 60 billion in assets under management as of June 30, 2019. Providing a diverse range of strategies and solutions across the risk/return and geographic spectrums, we offer core and value-added real estate, real estate securities, real estate debt and opportunistic real estate. The real estate investment business employs a disciplined investment approach and aims to deliver attractive long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans, and private clients worldwide.
About DWS Group
DWS Group (DWS) is one of the world's leading asset managers with EUR 752bn of assets under management (as of 30 September 2019). Building on more than 60 years of experience and a reputation for excellence in Germany and across Europe, DWS has come to be recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines.
We offer individuals and institutions access to our strong investment capabilities across all major asset classes and solutions aligned to growth trends. Our diverse expertise in Active, Passive and Alternatives asset management – as well as our deep environmental, social and governance focus – complement each other when creating targeted solutions for our clients. Our expertise and on-the-ground-knowledge of our economists, research analysts and investment professionals are brought together in one consistent global CIO View, which guides our investment approach strategically.
DWS wants to innovate and shape the future of investing: with approximately 3,600 employees in offices all over the world, we are local while being one global team. We are investors – entrusted to build the best foundation for our clients’ future.