BNP Paribas REIM France has acquired a 2,917 m2 office building in Paris occupied by law firm Mayer Brown.
The Avenue Hoche building was purchased for an undisclosed sum by BNP REIM, acting on behalf of a French OPCI vehicle, BNP Paribas Diversipierre.
The vendor was BGV III, a Luxembourg real estate special AIF created and advised by German fund manager Real IS.
'The Avenue Hoche office building is a trophy property in one of the most prestigious office locations in the French capital,' said Jochen Schenk, member of Real IS's management board. 'The decisive factor here was our good market access with our own local asset management. With this as a basis, the BGV III investment cycle was used to achieve a very good result for the investors,' Schenk added.
Real IS bought the building back in 2010 for BGV III.
Strategies & Corp and Knight Frank advised Real IS during the transaction, with legal supported provided by SBKG and C&C Notaires. Fanny Combourieu acted as the tax attorney.
The Luxembourg Real Estate special AIF BGV III, launched in 2007, invests in core properties in the office and logistics market with a focus on the eurozone. Among others, fund investments were made in the Netherlands, Germany and France, as well as in Canada and Australia.
BGV VII offers investments in a diversified European portfolio, while Themenfonds Deutschland pursues an investment strategy concentrated on the German market.
