Canadian equity buys into French, German offices

Toronto-listed Inovalis Real Investment Trust has bought four office assets in Europe for €170 mln.

Three of the four office assets are located in the French capital Paris. The other is located in the German city of Hannover.

The four buildings total approximately 49,000 m2 floor space and have an occupancy rate of 96%.

The acquisition forms part of the listed REIT’s strategy to target up to €400 mln worth of office and retail properties in France and Germany over the next five years.

Innovalis REIT listed in Toronto in March to raise equity to invest in the French and German markets. The company operates in Europe through its Paris office.