Germany's KanAm Group has acquired a 10,800 m2 office building near Paris from the KEYS Group for an institutional fund.

Guyancourt is aiming to establish itself as a French technology hub.

Guyancourt is Aiming to Establish Itself as a French Technology Hub.

The nine-storey L'Alberlo office building is located in Guyancourt, some 20 km south-west of the French capital and the second largest office centre on the Péripherique.

The parties agreed not to disclose the purchase price.

Guyancourt is one of the 12 municipalities of Saint-Quentin-en-Yvelines, part of the Operation of National Interest (OIN) Paris Sarclay which aims to make the area Europe's leading technology centre. The main tenant of the building is AKKA Technologies, a European engineering and technology consulting firm.

The deal represents the second major office purchase announced by KanAm in the space of a week, following the acquisition of a 17,000 m2 mixed-use asset in St Andrew Square, Edinburgh, for a reported €148 mln.

KanAm's institutional real estate fund has invested in 12 properties across six countries: Germany, the UK, France, the Netherlands, Switzerland and Luxembourg.