The European arm of property firm Grosvenor Group is planning to invest up to €300m in the Paris office sector as part of a new investment strategy, the manager said today as it announced its first acquisition.

Grosvenor Europe has bought the 1,800sqm office building in Levallois-Perret in the north-west of the capital for an undisclosed sum.

The investor said the building, which dates back to the 1970s, will be restored in the long term to create premium office space.

Steve Cowen, managing director, investments and development, Grosvenor Europe, said this acquisition is the first step in solidifying the company’s new strategy which focuses on investing in and improving office assets.

“The Paris office sector is one of the most attractive markets in Europe and we are looking to invest around €150m to €300m in the next two to three years to make most of the growing demand for A Grade office space.

“We remain on the lookout for new development opportunities in Paris and the surrounding areas.”

Grosvenor Europe currently manages €2.3bn worth of assets.