German fund manager Commerz Real has continued to sell assets on behalf of its Hausinvest open-ended fund with office divestments in Paris and Stockholm.
German fund manager Commerz Real has continued to sell assets on behalf of its Hausinvest open-ended fund with office divestments in Paris and Stockholm.
Accimo-Pierre, a fund managed by BNP Paribas Real Estate Investment Management France, acquired the Portes des France complex in Paris. The financial details were not disclosed but the price has been estimated in the media at around €120 mln.
Portes des France is located in the northern district of St Denis in Paris. Completed in 2009, the property consists of two seven-storey buildings with a total area of some 24,600 m2.
Commerz Real said the divestment took place in a 'favourable market environment' and was preceded by a 'successful re-letting performance'.
Separately, Commerz Real sold the 43,700 m2 Solna Port office building in the Solna district of Greater Stockholm to Swedish fund manager AREIM. The financial details were not disclosed. The property was completed in 2001 and acquired by Hausinvest two years later.
Earlier this week Commerz Real sold its 60% stake in Paris office REIT Cegereal to US investor Northwood for €285 mln.
