RREEF spends EUR 100m in London and Paris

RREEF Spezial Invest GmbH, part of RREEF Alternative Investments, has purchased three properties in London and Paris with a total investment value of EUR 100 mln for institutional investors.

The acquisitions include a prime London office building and a logistics centre near the M20 motorway 60 kilometers south-west of the UK capital. The office building - 25 Moorgate - was bought for approximately EUR 55 mln from the Grosvenor London Office Fund. The building comprises around 6,800 m² of office space and 700 m² of restaurant space.

The logistics centre, located outside of Maidstone, consists of more than 22,000 m² and was purchased from Aviva Investors for EUR 18 mln. It is leased and managed by the DHL Corporation, which handles fresh produce for Sainsbury’s.

The final acquisition centres on an office building in La Defense office district in Paris which was purchased from GE Real Estate for approximately EUR 25 mln. The property comprises some 6,300 m² of office space and 149 parking spaces. Constructed in 1988, the building was completely modernised between 2005 and 2007, and is fully-let. Current tenants include IT specialist Lenovo and personnel consulting agency Michael Page International.

Georg Allendorf, a managing director at RREEF, commented: 'European office and logistics properties in good locations and of medium size are ideal investments for our special funds. The current market conditions present excellent opportunities for us to obtain high quality properties for our clients at competitive pricing.'

RREEF Spezial Invest GmbH currently manages five special funds for institutional clients with a total value (AUM) of around EUR 1.7 bn.