Aviva Investors, the global asset management business of Aviva, has bought an office block in the business district of Paris for an undisclosed price.
The acquisition was carried out on behalf of one of the firm’s mandates, which has not been named.
It was made as part of a sale and leaseback agreement with Credit du Nord, which occupied the building for the past 25 years.
The property is located at Le 50 rue d’Anjou and has a rentable area of around 10,600 sqm. It can cater for up to 1000 people.
Adrian Beuriot, Head of Asset Management for continental Europe at the firm, said that alongside London, Paris is the office market identified in the firm’s research last year that is expected to be the best performing in Europe.
“The asset sits in a good location in the city, strengthened by its proximity to a significant transport hub,” he added.
Aviva Investors also acquired an office building in Amsterdam in December last year.
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Beuriot said back then that the company had identified Amsterdam as a strategically important location for Aviva’s Real estate business.
Persisting Brexit uncertainty
Banking and finance firms are moving more assets and staff from Britain to the EU than previously expected, a report showed.
Two hundred seventy-five financial firms are in the process of transferring a combined $1.2 trillion worth of funds, assets, and staff from Britain to the EU, the report, released by a London think tank, revealed on Monday.
Paris, Amsterdam, Dublin, and Frankfurt are among the top destinations.
The moves are an inevitable consequence of the political circumstances surrounding Brexit, according to the “Brexitometer” published by the New Financial think tank.
The report says that while the City of London’s dominant role as a global financial center remains intact, firms have to prepare for any regulatory environment that will emerge between Britain and the EU as Brexit negotiations continue.