The Montmartre district of Paris around the hill of the same name with the famous Sacré-Coeur Basilica is one of the most colourful trendy areas of the French capital. Known in the 19th and early 20th century as a meeting place for artists and writers, Montmartre has developed into a popular location for leisure activities of all kinds in the following decades. Here is the Place Pigalle, among others, but also an office property that has now been acquired by the Berlin investor Commodus Real Estate. This article is based on the unique List of the 400 largest German real estate investors in Germany.
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Acquisition of a photo agency with history
The office building is a development project. The property is located in a side street not far from the extensive Montmartre cemetery, a large green area in the Parisian sea of houses. The building was erected in the 1950s and comprises two floors with a total rental space of around 700 square meters in addition to the ground floor. Commodus Real Estate is planning to add a further three floors and expand the rental space to 970 square meters. The building is to be built in a sustainable manner. The company is aiming to be awarded the coveted BREEAM certificate. The seller is the international photo agency Magnum Photos – founded in 1947 by US photographer legend Robert Capa. The agency will use the building as a tenant for another year. Then a new tenancy is aimed at.
Commodus Real Estate, founded in 2009, is an owner-managed investment company with headquarters in Berlin and Munich. The company prefers to invest in real estate in the value-added and core-plus sector. Commodus focuses on office properties in major German cities with more than 100,000 inhabitants, but also looks at interesting investment opportunities outside Germany. Paris is considered one of the most sought-after office locations on the European continent. Investors at Commodus Real Estate are family offices and increasingly also institutional investors.
Source: Finanzen.net Picture source: Unsplash