Aviva Investors and LaSalle Investment Management have acquired a Paris office asset for their pan-European joint venture.
The 69 Haussmann was bought for the managers’ Encore+ vehicle for €128m.
The building is part of the Paris Haussmann complex in the central business district area of the city.
The 7,400sqm asset is let to tenants including UBS and Rabobank.
Jeffrey King, fund manager of Encore+ at Aviva Investors, said the asset was an “iconic building” and a rare investment opportunity, with stable rental income and strong potential for future valuation.
The open-ended Encore+ vehicle, which has a three-year return of 9%, aims to deliver stable and growing income alongside long-term capital appreciation.
Ian Williamson, fund manager at LaSalle, said the deal was the largest last year for the Encore+ fund.
“We have progressed substantially towards our target of €1bn in assets under management, and I look forward to the continued growth of the fund in the year ahead,” he said.