Germany's Commerz Real has acquired the fully let office scheme Espace Dumont d'Urville in Paris for its Euro Office 1 institutional fund. The property was sold by Klépierre, a shopping centre operator in which BNP Paribas banking group holds a majority interest. The total investment volume for the property, which has a gross lettable area of about 3,100 m2, was about EUR 32.7 mln.
Germany's Commerz Real has acquired the fully let office scheme Espace Dumont d'Urville in Paris for its Euro Office 1 institutional fund. The property was sold by Klépierre, a shopping centre operator in which BNP Paribas banking group holds a majority interest. The total investment volume for the property, which has a gross lettable area of about 3,100 m2, was about EUR 32.7 mln.
'The idea behind the acquisition is to expand the commitment of our institutional funds in France. This April, we already acquired a property in a comparable prime location,' said Hans-Joachim Kühl, who is in charge of real estate acquisitions at Commerz Real. 'Paris is an interesting real estate market for us, and we intend to remain active here across funds.'
The office building is let to Segece, a fully-owned member company of Klépierre that specialises in the property management of shopping malls. The building is located in the 16th arrondissement in the Central Business District of Paris.
