Union Investment has invested an undisclosed sum, on behalf of its UniInstitutional European Real Estate fund, to buy an office building in France.
The manager said it has acquired the property in Paris at the end of Avenue du Coqfrom from Invesco Real Estate.
Built in 1900, the fully-let building offers 4,500sqm of office space.
Diego Roux, the head of transactions France at Union Investment, said the acquisition of 5-7 Avenue du Coq marks the re-entry of Union Investment to the French investment market.
“This transaction demonstrates our ability to source off-market deals with strong fundamentals in the CBD of Paris, where there is clearly a lack of such opportunities.
“It also reflects our strong belief in the long-term upside potential of centrally located office buildings with excellent transport links.”
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