A fund advised by JP Morgan Asset Management has invested €400m in Oxford Properties’ French portfolio to become a strategic investment partner.

Oxford Properties said it sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille.

The sale gives Oxford Properties a strategic investment partner in Paris and releases capital to make further investments, it said.

The global real estate arm of the Ontario Municipal Employees Retirement System made its first investment in Paris in 2014 when it acquired 32 Rue Blanche.

Its portfolio is currently made up of 68,500sqm of office space across the 9th, 11th and 13th arrondissements of Central Paris.

A fourth asset, Window, a 44,200 sqm office building located in La Défense acquired in July 2017 and expected to complete by October this year, will remain entirely owned and managed by Oxford Properties with the assistance of Hines France.

Oxford Properties currently manages €1.3bn of assets in Paris (including Window) and has the intention to grow its Paris invested capital to €2.5bn over time, it said.

Paul Brundage, an executive vice president and senior managing director for Europe and the Asia Pacific at Oxford Properties said: “Part of our long-term strategy in Paris was to find a strategic investment partner to continue to grow our portfolio and this deal achieves that.

”Partnership is an important part of Oxford’s global strategy and we are delighted to welcome on board a like-minded partner and look forward to working alongside them. We continue to explore the potential of establishing an operating platform in Paris.”

An earlier version of this story misstated the amount invested by the strategic partner. This was due to an error at source.