Patron Capital has acquired an office building in France’s capital from Deka-Immobilien Europa for €71.5m.

The property investor said it bought Le Magnum with the support of Cleaveland, Patron’s asset management partner. The acquisition was made on behalf of Patron’s fifth fund, Patron Capital V.

Le Magnum was built in 1994 and renovated in 2008-2009. The property offers 10,550sqm of floor space and is fully leased to L’Oréal until the middle of 2019.

Patron said it plans to redevelop the building to provide a contemporary, headquarters office building.

Keith Breslauer, the managing director of Patron Capital, said: “In a prime and increasingly popular location close to Paris’s CBD, this property represents an exceptional opportunity to add value through asset management and an in-depth understanding of the local property market.

“Having raised €949m to invest in property and property-related investments in Western Europe, and with a history of over 18 years investing in France, we currently see significant potential in France and are actively looking to acquire further assets and platforms to grow our portfolio within this market.”

Dominique Bonin, the co-founder of Cleaveland, said: “This is a building with significant value creation potential in one of the most prime districts of Greater Paris.

”We are pleased to be continuing our long-standing partnership with Patron Capital to reposition Le Magnum to create a sustainable office building with very high specifications.”