An open-ended core real estate fund managed by DWS has forward funded a 9,500sqm office property in the greater Paris department of Seine-Saint-Denis.
The manager said it has acquired the B-Square asset on behalf of its Europe II fund, the fund’s fifth acquisition bringing its gross asset value to an estimated €786m.
The development is expected to complete in October 2021, at which time a tenant in the construction industry will take occupation of approximately 42% of the space, the manager said.
Ronen Ribak, head of transactions, Europe said: “This acquisition demonstrates our continued focus to invest in emerging office locations in key European cities serving a diversified range of tenants looking for a vibrant environment to further grow their business.”
Nicoletta De Bona Bottegal, portfolio manager, Europe II, said: “Positive fundamentals of this emerging Parisian submarket align well with Europe II’s investment strategy as the fund expands into locations with strong occupational demand and expected rental growth.
“We will continue to selectively seek opportunities to capture capital appreciation in core locations across Europe.”
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