Germany's Real IS said that its new Real I.S. Bayernfonds Frankreich 2 fund has acquired an office complex in Clichy, near Paris. The total investment volume of the fund is around EUR 95 mln, Real IS said, of which around EUR 52.5 mln consists of its own capital. The fund is targeting a yearly return of 6%, increasing to 8% in 2022.
Germany's Real IS said that its new Real I.S. Bayernfonds Frankreich 2 fund has acquired an office complex in Clichy, near Paris. The total investment volume of the fund is around EUR 95 mln, Real IS said, of which around EUR 52.5 mln consists of its own capital. The fund is targeting a yearly return of 6%, increasing to 8% in 2022.
The property is fully rented to the French national railway company, Societé Nationale des Chemins de Fer Français (SNCF). The rental contract runs to 2017, with an option for a further nine years.
Completed in 2008, the complex offers some 15,000 m2 of office space spread across seven floors. It is located in the centre of Clichy and houses the headquarters of SNCF's cargo business.
'The Paris real estate market has shown itself to be a stable international market and occupational levels in the office sector have not declined as much as in London or Madrid with a very low vacancy rate of 5.7%,' said Andreas Heibrock, member of the management board of Real IS.
