BNP Paribas Real Estate Investment Management (REIM) has bought a 1,750sqm office building in France’s capital on behalf of a Spanish insurer.

BNP Paribas REIM, which manages €27.4bn real estate assets in Europe, said it has bought the 8 Rue Kleber multi-tenant building in Paris 16th arrondissement for an undisclosed sum. The sale was initially agreed in July, the manager said.

The mixed-used [office & retail] property offers office space on 6 upper floors plus underground parking.

Xavier Mouette, the head of key client group at BNP Paribas REIM, said: “We are happy to announce another success of our separate account business, here with a major Spanish insurance company with whom we intend to build a broader European real estate portfolio.

“After having also recently contributed to the acquisition of the 16 rue de Washington in Paris, we are currently working on other transactions on behalf of international investors. This is in line with our plan to substantially grow this activity in the coming years.”

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