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Inside the Market / Big Deals

Private Fund Acquires 5,500m2 Apartment Building in the 16th Arrondissement

apartment-building-avenue-victor-hugo-Fyltyr

The 16th arrondissement, famed for its luxurious apartments and high prices, has just seen a large deal on the Avenue Victor Hugo, the most expensive street of them all. 

The purchase was made by private fund SNC VH 198. The building is located on an avenue Victor Hugo, stretching from the famous Arc de Triomph to the Bois de Boulogne, Paris’s beautiful park lying on its south-west frontier. The transaction was completed in partnership with Victor Cohen Immobilier

The 5-unit, 5,500m2 apartment building’s going price has not been disclosed. One of the most highly priced roads in the 16th arrondissement, the going rate per m2 is between €9,500 and €20,000, according to Capital.fr’s price map of the area.

The private company keeps a low profile, with no public website and barely any online visibility. But the group made clear after the purchase was completed that we can certainly expect more such transactions by the group. Their executive director David Zahgdoun, told real estate magazine Business Immo that they are “planning to acquire five or six buildings of this size in 2017, and are considering bringing other investors on board.”

The transaction was completed by BNP Paribas, who released a press statement with few details. SNC VH 198 were assisted by the notary office Falque et Clermont, while the sellers worked with Letulle Notaires to guide them through the transaction.

image © wikicommons

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