La Française REM has made two office investments totalling some EUR 65 mln. In Boulogne-Billancourt, near Paris, the fund manager has purchased an office scheme at 86/88 rue du Dôme on behalf of its SCPI Selectinvest 1 fund from a pan-European German spezialfonds managed by Invesco Real Estate.
La Française REM has made two office investments totalling some EUR 65 mln. In Boulogne-Billancourt, near Paris, the fund manager has purchased an office scheme at 86/88 rue du Dôme on behalf of its SCPI Selectinvest 1 fund from a pan-European German spezialfonds managed by Invesco Real Estate.
The multi-let asset offers 5,200 m2 of space as well as 133 parking spaces and represented an investment of EUR 23 mln. Colliers UFG and Catella Properties co-advised the vendor.
In Lyon, La Française REM has bought Le Green office development project for its Selectinvest 1, UFG Pierre, Crédit Mutuel Pierre 1 and Epargne Foncière investment funds.
The project involves the redevelopment of a 1970s building into a High-Quality Environmental scheme offering 10,800 m2 of space. Located in the Part-Dieu district of Lyon, the asset is being developed by Cirmad, part of Bouygues Construction. Delivery of the building, which is 80% pre-let to the Santé Rhône-Alpes Region's Health Agency under a nine-year rental contract, is expected for October 2013.
The investment price amounted to EUR 41 mln. CBRE advised the buyer.
