Schroder Real Estate has sold a 50% stake in a €230m Paris office building on behalf of its pan-European Swiss fund.

The manager said it has completed the stake sale in the 24,000sqm Chevaleret office in the 13th district of Paris, for Immobilien Europa Direkt (IED), an investment group of Zurich Investment Foundation.

IED was launched in 2013 by Schroders and Zurich Investment Foundation and has been designed specifically for Swiss pension schemes. Its investment strategy is focused on providing investors with a diversified portfolio of commercial real estate in Europe’s most attractive real estate markets.

Schroders bought the 9-storey building on behalf of IED in April 2014 in a €120m joint venture with French insurance firm, Malakoff Médéric.

The building, which was 60% pre-let at acquisition, underwent a €42m refurbishment. Full occupancy was reached before completion in January 2016.

Thomas Guyot, the head of Schroders’ real estate investment in France, said: “This sale is evidence of the skill and expertise of Schroder Real Estate for value-added investments, having identified this asset as an attractive investment opportunity five years ago.

”The significant net proceeds and strong investment returns to investors is a very positive outcome and reinforces Schroders’ view that active asset management can deliver superior risk-adjusted returns.”