Munich-based fund manager Real IS has sold an office property in Paris to a fund managed by France's Primonial REIM.
The office, situated at 24 Rue Villeneuve in Clichy (Hauts-de-Seine), is fully let. Real IS sold asset on behalf of its 'Bayernfonds Frankreich 2' retail fund. The financial details of the transaction were not disclosed.
The property, which was built on the former site of a factory, comprises offices with a surface area totalling 14,900 m2. The renovated historical façade of the industrial building from the 1930s fronts a new office complex with three inner courtyards built in 2008. The four-storey property offers its users spacious contiguous offices and 219 parking spaces. The entire building has been let to SNCF Frêt, Europe's third largest provider of freight transport, under a rental agreement for a fixed term of six years.
'We acquired this property from Unibail-Rodamco in 2009 shortly after its completion. Right from the start, we were thrilled by the rededication of this wonderful industrial monument with its striking red brick façade, which has been used to create perfectly equipped workplaces for 1,000 employees in the direct vicinity of Paris Metro Line 13,' said Catherine Luithlen, president of Real IS France.
Real IS is already planning new acquisitions in the French market, in particular within the first ring-road around Paris,' Luithlen added.
Primonial REIM was advised by the notary office Alexandre, Déchin, Devriendt, Hoang, the law firm Stephenson Harwood and MN2A for technical due diligence. The seller was advised by notary office C&C Notaires and the law firm SBKG.
The sale was completed through real estate brokers Stratégies & Corp.
Real IS has €7.5 bn of assets under management. Earlier this week, the company announced the opening of a branch office in Amsterdam in November. Melanie Grüneke has been named as head of the Netherlands branch.
The company is currently invested in the Netherlands with funds in a volume of around €1 bn. Along with real estate in its most important core market of Amsterdam, Real IS also holds properties in Rotterdam and in The Hague.
'The Netherlands has long been a target market of ours and has meanwhile developed into one of our core markets. In opening the Amsterdam branch, we will also be represented locally and can manage our investments directly on site, consistently build up our portfolios and strengthen our network,' said Georg Jewgrafow, CEO of Real IS.
