Foncière Massena buys Paris office for EUR 22m

Cushman & Wakefield Investors has sold a property in Paris to French REIT Foncière Massena for EUR 22 mln on behalf of a Danish pension fund.

The 2,161-m² property was built in 1993 and fully renovated in 2010, then subsequently re-let on a six-year firm lease to a single tenant.

'CWI has actively managed and refurbished this asset to a high standard to allow a speedy re-letting and sale, in-line with our client's investment strategy,' said David Rendall, European CEO at Cushman & Wakefield Investors. 'We continue to see strength in the Paris market and are actively looking at new opportunities in both Paris and in the French regions for our segregated account mandates.'

Foncière Masséna was advised by CBRE and Hitier notaries; and the vendor by Nénert & Associés notaries.