Munich-based family office AM alpha has acquired an office building in the 2nd arrondissement of Paris, on behalf of several investors managed by a pension fund manager based in Hamburg.
Financial details for the off-market acquisition were not disclosed.
20 rue de la Banque, a Haussmanian building, offers around 1.500 m2 of space with high ceilings, an inner courtyard and appealing floor plan, according to the buyer.
The building is currently vacant, and the recently obtained building permit allows AM alpha to immediately launch an extensive refurbishment programme to exploit the full potential of the asset.
Said Martin Lemke, managing director at AM alpha: 'With the recent closing of this transaction, we could once again demonstrate our ability to source exceptional opportunities even in particularly competitive markets, and to successfully complete complex investment processes.
'Our focus on timing-related investments allows us to benefit from the rapid market recovery after the challenging times of Covid-19. As we see promising potential in Paris and other cities in France, we will continue to actively seek additional core and value-oriented investments, with a view to grow our current portfolio in France in the medium term.'
AM alpha was advised on the purchase by EY, Les Notaires du Quai Voltaire and Alex Bolton.
