AltaFund, the €1.2 bn office investment fund managed and operated by Altarea Cogedim, has signed a preliminary agreement with insurer Allianz Vie to acquire an office complex at 87 Richelieu in the second arrondissement of Paris.
AltaFund, the €1.2 bn office investment fund managed and operated by Altarea Cogedim, has signed a preliminary agreement with insurer Allianz Vie to acquire an office complex at 87 Richelieu in the second arrondissement of Paris.
Financial details were not disclosed.
AltaFund will take possession of the building upon relocation of its tenant, Allianz France between the end of 2015 and the start of 2016.
Located in the Opera district, the complex was developed in 1980 as the headquarters of insurer AGF and currently provides a total of 33,500 m2 of office space.
AltaFund plans to redevelop the asset with delivery planned for 2018.
Altarea Cogedim launched the value-add AltaFund in 2011 raising €600 mln in equity commitments. The fund, which was 20% oversubscribed, brought together two sovereign wealth funds from the Far East/Pacific Rim as well as a French and a Dutch institutional investor, each committing €100 mln.
Altarea is a co-investor in the fund, providing a further €100 mln in cash.