Commerz Real has sold the Cap Sud office building in Montrouge near Paris to a fund managed by Credit Suisse Asset Management for an undisclosed amount.
The asset, which was owned by the hausInvest open-ended real estate fund, was last valued at around €60 mln, according to the fund's annual report per end March 2019.
'Cap Sud is no longer suited to our portfolio from a strategic stance and with the successful leasing of the remaining vacant areas it had attained the necessary market maturity so that we could secure an attractive price for our investors,' said Henning Koch, global head of transactions at Commerz Real.
The asset was completed in 2008 and provides 12,500 m2 of leasable area. Commerz Real achieved full occupancy for the building in July 2019 following an extensive modernisation and repositioning programme as a multi-tenant property.
The asset was vacated by its largest tenant in 2017, leaving 80% of the space vacant.
Commerz Real was advised on the transaction by agent CBRE and law firm Fidal.
