Real IS has bought a 13,785 sqm office complex in France for its BGV VIII Europa real estate fund.
The manager has paid an undisclosed amount to buy the Grand Large asset on 7–9 Boulevard de Dunkerque in Euromediterranée I, Marseille from French insurer Assurance du Credit Mutuel.
The complex, which comprises two interconnected buildings, is 92% let.
Catherine Luithlen, president Real IS France, said: “With 12 top-quality tenants from various industries, the property has a well-diversified mix of sectors.
“The location of these first-rate office premises also meets our own high standards. The Euromediterranée I ranks among the most important office submarkets in the region Marseille/Aix.”
Axel Schulz, global head of investment management at Real IS, said: “Together with Germany and the Netherlands, France is one of Real IS AG’s most important countries for acquisitions.
“Along with Paris, Marseille/Aix is of particular interest. As the country’s third-largest office market, the region has an overall area of around 3.7m sqm.”
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