Rynda Property Investors, acting on behalf of its French Rynda en Primeur fund, has purchased the Papillon office portfolio for about EUR 110 mln from Paris Office Fund II, a fund managed by AXA Reim France. The portfolio comprises seven properties across the French cities of Lille, Aix, Toulouse, Orleans and the Paris region. The assets include some 38,000 m[sup]2[/sup] of office space that is leased to thirty tenants including Siemens, IBM, MAIF and Thales.
Rynda Property Investors, acting on behalf of its French Rynda en Primeur fund, has purchased the Papillon office portfolio for about EUR 110 mln from Paris Office Fund II, a fund managed by AXA Reim France. The portfolio comprises seven properties across the French cities of Lille, Aix, Toulouse, Orleans and the Paris region. The assets include some 38,000 m2 of office space that is leased to thirty tenants including Siemens, IBM, MAIF and Thales.
Michael Walton, chief executive of Rynda said: 'Rynda en Primeur is designed to give institutional investors access to the opportunities of an attractive market sector. This portfolio consists of assets in strong locations and offers high quality accommodation that is predominately well leased. We expect to announce further purchases shortly.'
Drivers Jonas advised Rynda, while Maitre Robert Theret, Maitre Anne Ladegaillerie and Keops and Atisreal acted for AXA Reim France.
London-based Rynda is a real estate investment management firm that was established in September 2005 to operate funds throughout Europe. The latest acquisition increases the value of its French portfolio to almost EUR 300 mln.