German fund manager KanAm has sold its Capital property portfolio to Korean institutional investors for €740m.

German fund manager KanAm has sold its Capital property portfolio to Korean institutional investors for €740m.

The portfolio, part of the KanAm Grundinvest Fund, includes prime assets in Paris, Montreal and Washington and was sold for 5% above the most recent valuation.

Tenants of the properties include the US Department of Justice, pharma group Sanofi-Aventis, and telecoms firm Bell Canada. In total, the assets have more than 125,000 m2 of leasable area.

The buyer was IGIS Asset Management on behalf of Korean investors including Hanwha Group and Kyobo Life Insurance.

Some 58% of the KanAm Grundinvest Fund has now been sold. It is due to be resolved by 2016.