PGIM Real Estate's U.S. Sustainable Investing Strategy Selected as Winner of PREA 2024 ESG Momentum Award
The PREA ESG Momentum award recognizes industry-leading and innovative approaches to ESG issues among real estate strategies.
Sep 12, 2019
4 mins
September 12, 2019 – PGIM Real Estate has acquired three properties in France on behalf of investors in its core plus and value-add pan-European discretionary funds: Atria, an office building in Paris; a Class A logistics platform development project in the south of Paris; and Portes Sud, an office campus in Toulouse. PGIM Real Estate is the real estate investment business of PGIM, the US$1.3 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
Jocelyn de Verdelon, head of France, Spain & Portugal at PGIM Real Estate, said: “These recent acquisitions demonstrate the agility of PGIM Real Estate’s platform in France as well as our ability to execute on transactions across sectors and strategies in which we have conviction. This cross-functional expertise enables us to successfully deliver our strategy across defined risk return requirements.”
Atria
PGIM Real Estate has acquired Atria, an approximately 5,000-square-meter office building located at 30bis-32 rue de Paradis, in Paris’ 10th arrondissement. This area has become the natural eastern extension of the Parisian business district and is very popular with startups and companies in the technology and communications sectors.
Built in the 19th century, Atria has successively hosted the Cristalleries Baccarat factory, the Baccarat Museum and the Pinacothèque de Paris. Restructured and transformed into an office building in 2012, Atria holds a strong architectural identity from this heritage, and is characterized by large open spaces and high technical specifications including an excellent capacity ratio.
The property is currently 100% leased to Jacobs Douwe Egberts, a leading coffee and tea company.
Class A Logistics Development
In addition, PGIM Real Estate acquired from Grand Paris Aménagement a Class A logistics development project in the ZAC du Noyer aux Perdrix at Servon (Seine-etMarne), 25 kilometers south of Paris. This transaction, comprising a 76,000-squaremeter site and a development agreement with IDEC Group, will create a 31,000square-meter logistics platform in the southern Ile de France area.
Upon its delivery in September 2020, the property will aim for BREEAM “Good” environmental certification, and will provide tenants with technical specifications in line with best-in-class market standards, in an established logistics location close to Paris.
Portes Sud
Finally, PGIM Real Estate acquired the “Portes Sud” office campus. The campus comprises three buildings totaling approximately 20,000 square meters and is located near the highly accessible Toulouse ring road, in the business district of Bordelongue.
Delivered in 2010 by developers Altarea Cogedim, it benefits from technical specifications that exceed local market standards and includes a sub-ceiling height of 2.70 meters as well as large, rational and easily divisible floorplates.
PGIM Real Estate will reposition the partially vacant Portes Sud to better meet user demand and implement a subsequent leasing and management strategy to bring new tenants to the property.
The PREA ESG Momentum award recognizes industry-leading and innovative approaches to ESG issues among real estate strategies.
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