Real IS, the property arm of German lender BayernLB, has acquired an office building in the city of Marseille from MACSF.
Financial details were not disclosed.
The property, dubbed Le Virage, is situated in the Prado business district and was completed in 2016. It comprises total floor space of 12,000 m2 over eight storeys plus 127 parking spaces. It is let to a range of businesses on long term leases including BPI, Bouygues Bâtiment Sud-Est and Innate Pharma.
Real IS acquired the property for its investment fund, RealIsInvest Europa. The deal follows the firm's purchase four months ago of the Grand Large scheme in Marseille's Euroméditerranée district.
The property was built as part of an urban renewal project which created a new city district around the football stadium Stade Vélodrome in the heart of Marseille. Four large terraces offer a view of the stadium and the southern French harbour city. The building is rated BREEAM Excellent.
Catherine Luithlen, president of Real IS France said: 'Le Virage fully corresponds to the profile for the properties which we want to retain in our portfolios in the light of our ESG strategy and our commitment to compliance with the UN principles for responsible investment.
'The building is highly energy-efficient, complies with ecological standards, is situated in an outstanding location and is let to well-known companies.
'This is yet another acquisition which underlines our great confidence in the future of office buildings in economically strong metropolitan cities in France. We will also continue with this investment strategy in the future.'
Nicolas Lepère, MACSF's real estate director, said: 'The transaction was part of a portfolio restructuring process which MACSF has been successfully carrying out for several years. Further sales are planned.
'By this means we can generate the liquidity which we need for our future investments and adapt the structure of our portfolio to our market expectations.'
Real IS was advised on the purchase by C&C Notaires, Arcadis and the law firm SBKG et Fidal. The seller used the services of CBRE and 14 Pyramides.
