French SIIC Fonciere Massena has acquired an office building in Levallois Perret in the northwester suburbs of Paris for EUR 46.5 mln. The vendor is a private client of the Bank of Ireland.
French SIIC Fonciere Massena has acquired an office building in Levallois Perret in the northwester suburbs of Paris for EUR 46.5 mln. The vendor is a private client of the Bank of Ireland.
The property was developed in 1992 and renovated in 2004 and 2010. It offers around 8,000 m2 of office space across seven floors as well as 180 parking spaces on three underground levels. It is almost fully leased to fragance and luxury make-up producer Guerlain, which has a lease agreement running to June 2015. The building also includes two retail units on the ground level.
'This new operation confirms the dynamism of Fonciere Massena and its intention to increase the size of its portfolio, in particular in services buildings,' the company said.
Foncière Masséna, the real estate investment arm of Assurances du Crédit Mutuel, has completed over EUR 100 mln worth of deals since the start of the year as part of its planned growth strategy.
CBRE Capital Markets brokered the deal. Foncière Masséna was advised by law firm Hitier, while the seller was advised by Allez et Associés, Jones Day and Fidal.
