Swiss Life REIM (France) has acquired an office building on the Left Bank in Paris on behalf of UMR, a French pension fund.
The investment volume for the acquisition from US asset manager NorthStar was not disclosed.
This was Swiss Life REIM's first acquisition on behalf of UMR following the granting of a mandate earlier this year to acquire real estate in France for the French institutional investor.
Renovated in 2016, the building has 3,600 m2 of total lettable area over eight floors with a car park and terrace. It is well served by public transportation and roads thanks to its location close to the Périphérique (Paris ring road), the buyer said. The property is leased to the National Institute of Archeology Preventive Research (INRAP).
The surrounding area is mixed with a service sector hub in Montparnasse, high-level housing, retail areas, restaurants and green spaces.
Founded in 2007 by Frédéric Bôl, Swiss Life REIM (France) is the subsidiary of the Swiss Life group for real estate asset management in France. The French subsidiary managed more than 200 buildings across the office, retail, housing, student homes, healthcare and hotels sectors, with a global AUM of €7.6 bn at end-June 2016.
