Italian property group Redilco has acquired an office building in the ninth arrondissement of Paris, through its investment vehicle Compagnie D'Angely, for EUR 22.5 mln. The property previously housed the French head office of Italian Banco Popolare di Verona e Novara. Redilco said in a press release that it is planning to re-develop the site, which dates back to the 18th century.

Italian property group Redilco has acquired an office building in the ninth arrondissement of Paris, through its investment vehicle Compagnie D'Angely, for EUR 22.5 mln. The property previously housed the French head office of Italian Banco Popolare di Verona e Novara. Redilco said in a press release that it is planning to re-develop the site, which dates back to the 18th century.

The building is located at Avenue de Provence, between the financial and the commercial districts of Paris, and provides some 3,000 m2 of office space. The transaction is in line with the group´s strategy to consolidate its presence abroad through high-selected investment opportunities. In France, Redilco also owns the Hotel Metropole Opera and is currently 'carrying out other initiatives in Paris and Marseille.'

The group, which has been active in the Italian market in the last 35 years, has five units: Redilco Real Estate, Redilco Property Management, the development unit Redil-CO.GE, advisory unit GVA Redilco, and Redilco Hotels and Tourism.