Berenberg Invest has confirmed the acquisition of an office property in Paris from BNP Paribas Immobilier for just over EUR 83 mln. A spokesperson confirmed to PropertyEU that the investment arm of Germany's Berenburg Bank is contributing the 20,000-m[sup]2[/sup] property in Fontenay-sous-Bois at the south-eastern fringe of Paris to a closed-ended fund.
Berenberg Invest has confirmed the acquisition of an office property in Paris from BNP Paribas Immobilier for just over EUR 83 mln. A spokesperson confirmed to PropertyEU that the investment arm of Germany's Berenburg Bank is contributing the 20,000-m2 property in Fontenay-sous-Bois at the south-eastern fringe of Paris to a closed-ended fund.
BNP Paribas Immobilier is the developer of the property which is let to BNP Paribas Immobilier on a nine-year lease.
German lender DG Hyp provided a loan for Berenberg's first investment in France. Transfer of the property is scheduled for the fourth quarter of 2010.
