Testina buys in Paris
Testina has completed its market entry in France: LaSalle Investment Management has acquired a top property for the investment foundation in the CBD of Paris.
LaSalle Investment Management has made its first investment in France for the Testina investment foundation: The investment manager acquired the Monceau Jadin property in the 17th arrondissement of Paris from the Perial Group. It is an approximately 2,000 sqm property in an excellent location - right next to Monceau Park and less than 300 meters from the "Monceau" (line 2) and "Malsherbes" (line 3) metro stations.
The Monceau Jadin complex consists of two interconnected buildings arranged around a courtyard of about 200 sqm. The buildings are a five-story corner building with a stone façade at 7/9 Rue Jadin and a three-story brick and natural stone building at 34 Rue Médéric. According to LaSalle, the purchased property is currently still fully leased to the French asset manager Perial. After the Perial Group moves out, its headquarters will be relocated to a nearby and larger building, and the property will be completely renovated. LaSalle said the property has a solid building fabric, and after renovation it will offer high-quality and fully certified space; LaSalle said the building is suitable for multiple tenants and has a rare and desirable lot size for single tenants. (bw)
