La Française Real Estate Managers (REM) and EDF Invest have acquired a mixed-use property, office and retail asset in France’s capital for an undisclosed sum.
La Française REM, which is investing on behalf of two collective real estate investment vehicles, said the Memphis building located at 111 avenue de France in the 13th arrondissement of Paris is leased to eight tenants.
Philippe Depoux, president of La Française Real Estate Managers, said: “We are extremely satisfied with the conclusion of this investment which associates our collective real estate investment vehicles and EDF Invest.
“We sincerely thank EDF Invest for its confidence. The Memphis building summarises well all the fundamentals expected by La Française REM. Its centrality and the quality of its renovations and services are all factors that should support the attractiveness and valuation of the asset.”
Assia Oudni, investment director of real estate at EDF Invest, said: “This acquisition is consistent with our belief in the necessity for high quality and flexible office space for tenants and reflects our confidence in the market fundamentals of the zone. EDF Invest is delighted with this partnership alongside La Française REM.”
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