Two French Investment funds, SCPI Laffitte Pierre and Fructirégions, managed by NAMI-AEW Europe, have acquired a nine-storey office building in Asnières-sur-Seine, northwestern Paris from Union Investment for EUR 28.6 mln. The property is the headquarters of construction group Eiffage.
Two French Investment funds, SCPI Laffitte Pierre and Fructirégions, managed by NAMI-AEW Europe, have acquired a nine-storey office building in Asnières-sur-Seine, northwestern Paris from Union Investment for EUR 28.6 mln. The property is the headquarters of construction group Eiffage.
Union Investment said that the sale price was in line with the current valuation of the property. The building comprises some 5.633 m2 of contemporary office space. Union Investment acquired the building in 2005 for its open-ended real estate fund Immo-Invest: Europa which holds three more office properties in Paris.
'Current market conditions are throwing up a host of good mature selling opportunities in France that we are eager to leverage for our funds,' said Dr. Karl-Joseph Hermanns-Engel, a member of the management board of Union Investment Real Estate.
Euragone - supported by Jones Lang LaSalle - advised Union Investment on marketing the property and Nicolas BAUM was a consultant for the purchaser.