Principal Real Estate Europe has bought its first asset for a Sharia-compliant Saudi asset manager with the acquisition of a 9,800sqm office building in France’s capital.

The European real estate investment manager said it has acquired the multi-let office building in Levallois Perret, Paris, on behalf of a segregated account it manages for SEDCO Capital. The asset is fully let.

Financial and the vendor’s details were undisclosed.

Guillaume Masset, the head of transactions and asset management in Europe for Principal Real Estate Europe, said: “This is our maiden acquisition alongside SEDCO Capital and a good example of the type of core-plus asset we are looking to acquire.

“We are currently seeing some excellent infrastructure-linked investment opportunities in specific European cities and sublocations.”

Sherif Selim, the managing director and global head of real estate at SEDCO Capital, said: “We are delighted with the Levallois acquisition as it marks our first investment in France.

“We strongly believe in the French market and are confident that we will execute more quality transactions that offer risk-adjusted returns for our clients alongside our valuable partner Principal. We have capital allocated for core / core-plus European real estate, targeting locations and assets that will benefit from long-term macro themes like infrastructure, demographics and innovation.”