CBRE Investment Management has bought a fully let office building in Paris on behalf of Zurich Insurance Group Germany.

CBRE Investment Management said the property, located at 5 rue de la Baume - Paris 8th arrondissement, was acquired from French real estate developer Sogelym Dixence. Financial details were undisclosed.

Riccardo Cobianchi, the head of real estate at Zurich Insurance Group Germany, said: “We are very pleased to increase our exposure to Paris, the second most invested market in continental Europe.”

Cobianchi said the acquisition in Baume is the firm’s third investment in France in 2021 and complements the previous acquisitions in logistics by ”further diversifying the portfolio geographically and income-wise while embedding Zurich’s ESG principles in the investment process”.

Gautier Beurnier, country manager France at CBRE Investment Management, said: “Despite the uncertainty caused by the Covid-19 pandemic, high-quality offices in Paris have retained their appeal and vacancy rates have remained low in this particular location.

“As the global economy continues to recover, we expect demand in both the occupier and investment markets will only grow further for well-located and modern office space.”

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