French property group Nexity has acquired an office property in Greater Paris from Deka Immobilien.
Financial details were not disclosed.
Dubbed Le Colisée, the 13,000 m2 property has 251 parking spaces and is located in Saint-Ouen, directly on the northern outskirts of Paris.
Deka had been holding the asset in its open-ended real estate mutual fund WestInvest InterSelect for around 17 years. The office property was completed in 1996.
Deka said that the sale allowed the fund to take advantage of the investment market's current high demand while lowering the average age of properties in the fund's portfolio.
