French fund manager Sofidy has acquired a fully renovated commercial property in Paris leased to l'Institut Supérieur des Arts Appliqués (LISAA), an educational body dedicated to fashion and design.
Financial details were not disclosed, but local press reports place the deal volume at €30 mln.
The asset, which has been acquired on behalf of Immorente SCPI, was purchased from Osae Partners, acting on behalf of the Weinberg Real Estate Partners 2 (WREP2) fund.
Jean-Marc Peter, CEO of Sofidy, said: 'Immorente has been building up its assets for almost 35 years. This SCPI has therefore acquired property during several real estate cycles and today has assets whose values have increased. It has a highly pooled portfolio of more than 2,500 assets, positioned in different market segments, mainly in tertiary real estate, in France and in Europe.'
Situated next to the Pantheon in the 5th arrondissement of Paris, the property is situated on the Montagne Sainte Geneviève, in the heart of the Latin Quarter.
WREP2 acquired the asset in 2016, before going on to completely renovate and refurbish the property, and subsequently leasing it to LISAA, which teaches over 3,500 students.
The occupier has around 10 years remaining on the lease.
The buyer was advised by the firm Douze Associés (Olivier Duparc and Alexandra Desroches), while the seller was represented by the firm Wargny-Katz (Justine N'Diaye and Lucie Flores).
The transaction was brokered by Alex Bolton within the framework of a co-exclusive mandate with BNP Paribas Real Estate.
