TMW Pramerica Property Investment, the property arm of US financial institution Prudential Financial, has acquired a commercial building in the 13th arrondissement of Paris for around EUR 38 mln. In a statement this week, the Munich-based investor said that the asset was acquired from French project developer Bouyques Immobilier. The building is earmarked for one of TMW Pramerica's special funds, it added.
TMW Pramerica Property Investment, the property arm of US financial institution Prudential Financial, has acquired a commercial building in the 13th arrondissement of Paris for around EUR 38 mln. In a statement this week, the Munich-based investor said that the asset was acquired from French project developer Bouyques Immobilier. The building is earmarked for one of TMW Pramerica's special funds, it added.
Designed by star-architect Jean-Jacques Ory, the commercial property was built in the 1970s and provides around 6,400 m2 of space across nine floors.
The acquisition follows hard on the heels of TMW Pramerica's acquisition last week of a logistics building in the vicinity of Milan for EUR 27 mln, as well as an office property in Seoul, Korea for roughly EUR 53 mln.
TMW Pramerica invests in real estate mainly for institutional clients and has a total real estate portfolio of nearly EUR 32 bn, invested across 19 countries worldwide.
