Germany's KanAm Grund Group has acquired the office elements of an asset in Bordeaux for an institutional real estate special fund from Keys REIM.
Financial details were not disclosed.
The 55 metre-high In Nova property houses 6,442 m2 of office space from the ground floor to floor nine. These are fully and 94% leased long-term to two public tenants.
Above the offices is a seven-story structure with 29 luxury condominiums with balconies and roof terraces, which were not part of the acquisition and are completely independent of the office accommodation.
The building is located in the Quartier de l’Ars in the south of Bordeaux, a district destined for a planned upgrade through an ambitious urban redevelopment.
The new 8-hectare Jardin de l’Ars park, which will also be the new entrance gate to the city in the south, will begin at the foot of the In Nova building and run to the banks of the Garonne.
The two public office tenants in In Nova are the French state, which provides space there to the Department's Employment, Labor and Solidarity Directorate (DDETS), and Solendi Expansion, an important player in the field of social and intermediary housing construction in France who has been campaigning for easier access to living space for over 65 years.
The remaining space is rented to the software game developer and publisher Playwing, which was founded in England. There are 150 parking spaces available for office tenants in an adjacent multi-storey car park.
The fund belongs to the family of eight real estate special funds that KanAm Grund offers institutional investors.
