A partnership of private investor Herrmann Brothers and Grumbach Immobilier has acquired the Forlen Park business centre in Strasboug, Eastern France. The vendor is French fund manager Acofi, on behalf of its Immobilière Régions III investment fund.
A partnership of private investor Herrmann Brothers and Grumbach Immobilier has acquired the Forlen Park business centre in Strasboug, Eastern France. The vendor is French fund manager Acofi, on behalf of its Immobilière Régions III investment fund.
Although financial details were not disclosed, the company said it financed the acquisition with a loan provided by BECM Bank part of Credit Mutuel CIC.
Delivered in 2008, the building provides 5,000 m2 of of lettable areas let to several high-quality tenants including Medipost and Onet Group.
'We will bring value to the building through an active asset management. New leases will be signed in the coming weeks,' said managing director Thierry Herrmann. 'The French property market remains strong, with the French regions offering high and stable yields.'
He added: 'We believe that different investors will try to take advantage of the higher returns that the French regions can offer compared to the Parisian market.'
