17.10.2019

LEADING CITIES INVEST acquires new office building in Dublin

Fully refurbished property with BREAM In-Use certification - 38 real estate deals with a transaction volume of over 1.6 billion euros this year alone

Frankfurt – The KanAm Grund Group has purchased a fully-let office and retail building in the 9th arrondissement of Paris for an institutional investor. The Mogador property offers 9 levels on the Rue de Mogador and five levels on Rue de la Chaussée d’Antin. The two parts of the property, comprising around 3,750 square meters, are interconnected and all areas benefit from access to the leafy inner courtyard, which also allows daylight to permeate all levels and areas. Two of the three retail units are located at Rue de la Chaussée d’Antin and one is at Rue du Mogador. The building, which was originally built in 1905, has a Bream In-Use sustainability certification, which has been renewed as recently as June 2019. With this purchase, the Frankfurt based KanAm Grund Group has already realized 38 real estate deals with a transaction volume of over 1.6 billion euros this year. Three quarters of these transactions formed part of the institutional investment business, the remaining quarter being in private investment.

The Mogador building is located at the center of the 9th arrondissement of Paris, called Opéra, between Gare St. Lazare station and the Palais Garnier, home to the Paris opera, on the right bank of the River Seine. The 9th arrondissement forms part of the city’s Central Business District (CBD), France’s most important office market, with a particularly strong representation of the financial services and insurance sectors. BNP Paribas and other financial institutions have their headquarters in this area. With approximately 9 million square meters of office space, this is the most important sub-section of the Paris real estate market. Over recent years, the area, particularly towards the East, has increasingly developed into a trendy neighborhood, including well-known retail locations. The department stores “Les Galleries Lafayette” and “Printemps” are in the immediate vicinity.

The Mogador property is an office and retail building. It was first built around 1905, but recent major renovation and refurbishment work took place between 2008 and 2012. Between 2012 and 2019, the seller invested in new lifts and stairwells, as well as the modernization of the underground parking area and the air conditioning system, turning into a modern building from a technological point of view.

The property has a BREAM In-Use sustainability certification. It was certified good in “Asset Performance” and was awarded a pass in “Building Management". BREEAM In-Use is an assessment and certification system developed to support property managers in reducing and improving the environmental impact of buildings.

The main use of the Mogador building, generating around 87% of its rental income, is office space. All office units are fully let. The three retail units account for the remaining 13 percent of the total income of the property. Mogador is let to ten different parties. No information has been released on the selling price.

 

About the KanAm Grund Group

The KanAm Grund Group has handled a transaction volume of over 33 billion US dollars since it was established in October 2000. The owner-managed company focuses on the individual needs of German and international investors, with the geographical emphasis being in Europe and the United States. The company is strategically organized into three business divisions under the umbrella of the KanAm Grund Group: KanAm Grund Kapitalverwaltungsgesellschaft (an open-end real estate funds), KanAm Grund Institutional Kapitalverwaltungsgesellschaft (a special real estate funds) and KanAm Grund REAM (international investment & asset management advisory). Since its strategic repositioning, KanAm Grund Group, as an international real estate enterprise, has provided real estate investment and asset management services to German private investors, institutional investors and international investors alike, irrespective of the investment vehicles involved.


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