German fund manager Deka has purchased the Metropolitan office property in Paris from a fund managed by JP Morgan Asset Management for its open-ended real estate fund WestInvest InterSelect.
Financial details were not disclosed.
The building was completed in 1956, is located in the 17th arrondissement of Paris and was extensively renovated in the previous year.
Deka said the asset stabilises the French portion of its WestInvest portfolio.
The property comprises around 22,000 m2 of leasable space and 371 parking spaces and is fully leased under long-term leases to four tenants. The main tenant is New York cosmetics company Coty.
The building is expected to shortly receive British BREEAM Very Good certification for sustainable construction, and has already received certification under the French HQE construction standard.
