KanAm Grund Institutional has purchased the Opéra Italiens property for the KanAm Grund European Cities, a specialized real estate fund launched for a northern German pension scheme in 2018.
The seller is Générale Continentale Investissements (GCI). The parties have agreed not to disclose the transaction price.
Opéra Italiens was built in 1911 and provides 7,543 m2. It is located in Paris’ Opéra district, the heart of the financial industry in the French capital’s center. The building is rented on a long-term basis to a WeWork subsidiary. The first co-working center was established in the city center of Paris in 2016. Since opening in September 2021, the Opéra Italiens center has exceeded expectations, with a current occupancy rate of almost 100%.
