Invista Real Estate Investment Management has acquired a French portfolio through a joint venture with Propinvest for EUR 348 mln. The British property fund manager, which launched an initial public offer in September, said it has conditionally exchanged a contract to acquire 34 high-quality assets across France, with a concentration of about 50% by value in the Ile-de-France region around Paris.

Invista Real Estate Investment Management has acquired a French portfolio through a joint venture with Propinvest for EUR 348 mln. The British property fund manager, which launched an initial public offer in September, said it has conditionally exchanged a contract to acquire 34 high-quality assets across France, with a concentration of about 50% by value in the Ile-de-France region around Paris.

Some 38% of the assets are offices, retail accounts for 4%, 25% is industrial and 33% mixed use. The tenants include France Telecom, Areva and Carrefour. The property assets will be managed by Invista. 'We have identified France as a key investment area and this is exactly the type of transaction that we told investors we would seek to do following the IPO,' Invista's ceo Duncan Owen said.