Barings Real Estate has made its first office deal in France with the acquisition of a development on behalf of institutional investors for an undisclosed.
The real estate investment manager is buying Vefa Canopy office development in Pré Saint Gervais bordering Paris as part of a pan European core investment strategy from developer Nexity Immobilier d’Entreprise.
The property is due to complete in October 2018.
The development will comprise around 6,500sqm of office space across three floors, along with a basement that has parking for 74 cars.
Gunther Deutsch, the head of real estate transactions in Europe at Barings, said: “Following a number of logistics transactions we are pleased to have closed on our first office transaction in France, on behalf our of pan European core investment strategy.
“We continue to be interested in opportunities spanning the retail, office and logistics sectors in France, Italy, Spain, Germany, UK and the Scandics with a core to value-add risk profile.”