France's Amundi Real Estate has made its first acquisition abroad for its Opcimmo real estate fund with the purchase of a stake in a 50,000-m[sup]2[/sup] office asset in Canary Wharf, London.
France's Amundi Real Estate has made its first acquisition abroad for its Opcimmo real estate fund with the purchase of a stake in a 50,000-m2 office asset in Canary Wharf, London.
The French investment manager has bought an interest in 5 Canada Square, which is managed by Evans Randall, the London-based investment banking and private equity group. The asset is fully rented to Credit Suisse and Bank of America with a lease expiring in 2027. Spread over 15 floors, the total surface area is 50,000 m2 and includes 92 parking lots.
Opcimmo is the first French open-ended vehicle dedicated to retail investors, Nicolas Simon, CEO of Amundi Real Estate, told PropertyEU during the Mipim trade fair in Cannes.
'This is an innovative product which we launched in October 2011 and which has so far raised several tens of millions of euros. It gives French retail investors access to the European property market and provides flexibility as units can be redeemed bi-monthly,' he added.
The fund, which will focus on France, the UK and Germany, has already made two acquisitions in France in addition to the London purchase.
