Union Investment has bought a 10,800sqm office building in Paris in a sale and leaseback deal with French bank Crédit du Nord.

Union Investment has paid an undisclosed sum to buy the asset at 59 Boulevard Haussmann/34 rue des Mathurins on behalf of the open-ended UniImmo Deutschland real estate fund.

Built in 1927, the property was renovated between 2009 and 2020.

Martin Schellein, the head of investment management Europe at Union Investment, said: “Prestigious and well-located properties like this are rare in the Paris CBD, one of the tightest rental markets in Europe.

“The striking architecture and intrinsic qualities of 59 Boulevard Haussmann offer a great potential to redevelop and reposition this asset in the future.”

Union Investment recently re-entered the French investment market with the acquisition of an office building in the immediate vicinity, at 5-7 Avenue du Coq.

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