Allianz Real Estate, in a joint venture with an unnamed French financial firm, has acquired two Paris office developments for €415.6m.

Allianz said the 50:50 joint venture has agreed a forward purchase deal to buy the two “manage-to-core office developments” in Saint-Ouen.

Alexander Gebauer, CEO for West Europe, Allianz Real Estate, said: “These two exceptional office assets are located in a first-class and fast-growing district near Paris and underline our intention to expand our portfolio while integrating the highest environmental and technological standards.

“The acquisition reinforces Allianz Real Estate’s strategy to strengthen our presence in Europe’s key cities.”

Sébastien Chemouny, head of France at Allianz Real Estate, said: “Paris has one of the strongest and most interesting markets in Europe magnified by projects such as the Grand Paris.

“We are constantly looking to tie available opportunities with our strategy to increase our exposure in cities with such potential while building strong long-lasting relationships with our business partners.”