German investor Real IS has bought an office building in Paris’s Central Business District for its BGV V fund, taking the total fund volume close to the €1 bn mark.
German investor Real IS has bought an office building in Paris’s Central Business District for its BGV V fund, taking the total fund volume close to the €1 bn mark.
The six-storey building on Rue de la Banque was acquired from a private investor for an undisclosed sum.
The property, which covers a total area of 5,880 m2, is let to eBay and Inspearit and will be fully occupied with the arrival of two further tenants in the first quarter of 2016, Real IS said.
The Bayerische Grundvermögen V fund is held by Real IS for institutional investors.
‘This office building in the middle of Paris and its CBD, directly beside the Metro station, is an excellent match for the strategy of BGV V of investing in core and core-plus properties in Germany, France and the Benelux countries,’ said chairman Georg Jewgrafow.
‘With this investment we have completed compiling the portfolio for the BGV V fund. The fund volume stands at around €1 bn.’
