A fund managed by BNP Paribas REIM France has acquired the Palatin II and III office complex in the Paris business district of La Défense from Commerz Real.

a fund managed by bnp paribas reim france has acquired the palatin ii and iii office complex in the

A Fund Managed By Bnp Paribas Reim France has Acquired the Palatin Ii and Iii Office Complex in the

The ensemble of buildings comprises 23,300 m2 of leasable space over seven storeys. Commerz Real's open-ended real estate fund hausInvest has owned the property since 2002.

Following the departure of the sole tenant KPMG in the summer of 2017, Commerz Real pre-leased 56% of the office space to the French energy infrastructure company RTE ahead of a comprehensive modernisation.

The property is now being oriented to a multi-tenant concept based on plans drawn up by architectural office Arte Charpentier. The remodelling will create office space areas of 2,500 m2 upwards, as well as a reception service, a new restaurant and a fitness centre. Construction will be concluded at end-2018.

Real estate service companies BNPPRE and CBRE advised Commerz Real during the transaction.