French asset manager La Française has acquired an eight-story office building for a group of Korean investors.
La Française said it bought Le Balthazar on behalf of Hyundai Investment Asset Management and a group of Korean securities companies for an undisclosed sum.
AEW acted as the seller on behalf of La Caisse des Dépôts and another institutional investor.
The asset is located in Saint Denis 93, Place des Droits de l’Homme, in close vicinity to the Stade de France and on the outskirts of Paris.
La Française said the office areas of the property are let to a telecommunications group, under a long-term lease and the two retail units are let to food service practitioners.
Patrice Genre, the chairman of La Française Real Estate Partners, said: “We are proud to have again served successfully our Korean clients and friends. Being accompanied by the right asset manager is key in executing such complex cross-border transaction for them.”
Shawna Yang, a director of Real Estate Investor Relations for Asia, said: “La Française is gaining traction in the Asian market. Korean investors appreciate La Francaise’s ability to source quality products thanks to its experienced investment teams on the ground.
“With a seven-year-long track record and €1.5bn invested across four countries in Europe, we have proven that we are able to source products that meet Korean investors’ expectations.”