Deka Immobilien has invested €165m to buy a fully-leased office building in Paris from LaSalle Investment Management.
The German manager said it acquired the Sainte Cécile building for its open-ended real estate fund WestInvest ImmoValue.
The 9,400sqm property, on rue Sainte-Cécile in the 9th arrondissement, was acquired from LaSalle’s Encore+ fund, an open-ended continental Europe core real estate fund.
The Encore+ fund acquired the asset in March this year as part of a sale-and-leaseback transaction with BNP Paribas that also included the adjoining landmark office building Bergère. LaSalle retains ownership of Bergère.
David Ironside, fund manager for Encore+ at LaSalle, said: “We are very pleased to have completed the sale of Sainte-Cécile, which was the final stage of our wider “Bergère and Sainte-Cécile” acquisition strategy.
“The resilience of the location and the rental income of Bergère, in addition to the returns from the sale of Sainte-Cécile, represent a very positive contribution to the performance of the Encore+ fund for our investors.”
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