French asset manager Primonial REIM has acquired a second office building in Paris from Kanam Grundinvest, a German open-ended fund in liquidation.
French asset manager Primonial REIM has acquired a second office building in Paris from Kanam Grundinvest, a German open-ended fund in liquidation.
The investment volume of €135 mln equalled the last appraisal value but was just €2 mln more than Kanam paid for it in 2008.
The 49,000 m2 Pôle Tertiaire property is located in the western Paris suburb of Poissy. The building is fully leased to car maker PSA Peugeot Citroen.
Last July, Primonial acquired Le Dionys office building in northern Paris from Kanam Grundinvest for around €70 mln. Located at 260 Avenue du Président Wilson in Saint-Denis, the complex provides 14,000 m2 of space and 270 parking spaces. Delivered in 2005, it is fully leased to tenant RSI.
Kanam Grundinvest has so far sold 30 properties for a total of €3.8 bn under its Agenda 2016 wind-down plan. The fund still owns 22 properties.