French fund manager Primonial REIM has bought a €142.5m office building on behalf of one of its funds.
Europa Capital’s value-add Europa Fund V fund and Balzac REIM acquired the 12,000sqm office building located in the north-west of central Paris in 2017.
Announcing the disposal, Europa said the joint venture has sold the fully-let Sémaphore office building in Levallois-Perret, to the north-west of central Paris.
Jonathan Mansie, director, who heads all acquisition activity for Europa Capital in France said: “In a market characterised by strong institutional demand for well-let, high-quality core office assets, and having let the entirety of Sémaphore before the refurbishment works were completed, an approach was received from Primonial REIM culminating in a sufficiently attractive offer to pre-empt marketing of the investment.
“Securing this early sale ahead of business plan has helped to deliver strong returns for the fund’s investors.”