PARIS, May 30, 2018 – PGIM Real Estate, in partnership with its client, the Finnish pension insurance company Varma, has acquired M Campus, a 45,000-square-meter office campus in Meudon, on the outskirts of Paris. PGIM Real Estate is the real estate investment business of PGIM, Inc., the $1 trillion global investment management businesses of U.S.-headquartered Prudential Financial, Inc. (NYSE: PRU).
The agreement to acquire M Campus in Meudon, Paris, was announced in March. PGIM Real Estate acted on behalf of its Pan-European discretionary value-add fund.
Jocelyn de Verdelon, head of France, Spain and Portugal for PGIM Real Estate, said, “Particularly given the supply-constrained Paris office market, we are pleased to partner with our new client, Varma, to complete the acquisition of six class A offices near the Boulogne Trapèze office district. We look forward to continuing to assist their objective to diversify their real estate investments outside Finland.”
The office campus, comprised of six Class A office buildings, sits along the banks of the Seine and less than 500 meters from the Boulogne Trapèze office district, opposite Seguin Island. The campus was completed in 2006; two of the office buildings were recently renovated and will receive a BREEAM RFO Good certification for sustainable design. The remaining buildings are fully let to a global business.
Ilkka Tomperi, investment director, real estate for Varma, commented, “Paris is a strategic and important location for our European real estate investments. The dynamics of the city with the ongoing infrastructure projects and its diverse occupier base make it an interesting investment destination. We look forward to working with PGIM Real Estate to crystallize the full potential of M Campus.”
Varma Mutual Pension Insurance Company is a responsible and solvent investor. The company is responsible for the statutory earnings-related pension cover of some 885,000 people in the private sector. Premiums written totaled EUR 4.9 billion in 2017 and pension payments stood at EUR 5.5 billion. The company’s investment portfolio amounted to EUR 45.7 billion at the end of March 2018.
About PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM, Inc., the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $69.6 billion ($50.3 billion net) as of March 31, 2018. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate equity, debt and securities investment strategies that span the risk/return spectrum. For more information, visit pgimrealestate.com.
Prudential Financial, Inc. of the United States is not affiliated with Prudential plc, a company headquartered in the United Kingdom.
About PGIM, Inc.
With 15 consecutive years of positive third-party institutional net flows, PGIM, Inc., the global asset management businesses of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world with more than $1 trillion in assets under management as of March 31, 2018. PGIM, Inc.’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 16 countries across five continents.
Prudential Financial, Inc.’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. The company is not affiliated in any manner with Prudential plc, a company headquartered in the United Kingdom. For more information about PGIM Inc., please visit pgim.com.
PGIM is the primary asset management business of Prudential Financial, Inc.. PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor. Prudential, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. Prudential Financial Inc. of the United States is not affiliated with Prudential plc, a company headquartered in the United Kingdom. Ref: 18BDUFF- AZ8J3D