Deka Immobilien has taken advantage of an attractive investment opportunity and acquired the prominent corner building 21 Opéra in Paris’ 1st arrondissement for approx. €33 million. The existing asset “Opéra”, held since 2019, is thereby fully consolidated, meaning it has been structurally and spatially completed. Together, the two historic Haussmann buildings now form a cohesive mixed-use ensemble for office, retail and residential use, featuring a listed façade in one of the most sought-after locations in the French capital. “21 Opéra” has also been added to the open-ended public fund Deka-ImmobilienEuropa.
With the acquisition of 21 Opéra, Deka Immobilien completes an attractive urban ensemble at one of Europe’s most prestigious addresses. Further development potential is expected to be realised through active asset management.
The newly acquired central element, fully integrated into 23 Opéra and 29 Pyramides, offers approx. 2,450 sqm of lettable space (Opéra: over 10,000 sqm) across the ground floor, six upper floors and two basement levels. Around 1,830 sqm are dedicated to high-quality office space, complemented by residential units on the top floor.
The retail areas on the ground, basement and first floors have long provided a functional link between the two buildings. They are let on a long-term basis to the French heritage retailer Monoprix, which has been present at this location for more than 85 years and benefits from a 30-metre frontage and prominent corner position.
Avenue de l’Opéra is one of the most sought-after office and retail locations in Paris. Situated in the heart of the city’s CBD, the property benefits from high footfall, a representative urban environment and a dynamic mix of uses. The district, also known as the “Arrondissement du Louvre”, is home to numerous institutions, including the Banque de France, the Conseil d’État and the Ministry of Culture. Excellent public transport connections via the nearby Pyramides and Opéra stations provide easy access to the Sainte-Lazare and Lyon mainline stations as well as to La Défense.
Deka Immobilien was advised on the transaction by LPA Law (legal and tax), C&C Notaires (notarial), Ingérop (technical) and Strategies & Corps.