Amsterdam-based Syntrus Achmea Real Estate & Finance has acquired two Haussmann style residential buildings with high street retail units on Place Victor Hugo in the 16th district of Paris.

Amsterdam-based Syntrus Achmea Real Estate & Finance has acquired two Haussmann style residential buildings with high street retail units on Place Victor Hugo in the 16th district of Paris.

The financial details of the transaction carried out on behalf of one of Syntrus Achmea's Dutch institutional clients were not disclosed.

Henk Jagersma, CEO of Syntrus Achmea Real Estate & Finance, said: 'This is Syntrus' third direct investment outside the Netherlands in the core markets of Western Europe and follows on from our French prime high street retail investment last year. The location, close to the Avenue des Champs-Élysées, is in strong demand from professionals and families as a place to live, work, shop and wine and dine. We expect this portfolio to outperform as the recovery continues.'

The portfolio comprises of mainly apartments, four retail units and six mixed-use office units, totalling 10,000 m2 of space. BNP Paribas REIM advised Syntrus Achmea on the acquisition and will be managing the regulated fund that was used for the investment and the assets themselves.

The deal was financed by ING Real Estate Finance France. French notary Etude Thibierge and law firm Baker & McKenzie advised Syntrus Achmea in the transaction.

Syntrus Achmea already has an international track record in investing in indirect real estate. This acquisition follows a strategic decision to expand international direct investments business for its institutional clients. The Dutch investor is focusing on assets that meet the requirements of pension funds for sustainable long- term returns and value growth.

Jagersma concluded: 'We will continue to look for attractive opportunities for our institutional clients, particularly in the retail and residential sectors, in the core markets of Western Europe such as France and Germany.'

With more than €15 bn of assets under management, Syntrus Achmea Real Estate & Finance is the largest investment manager for real estate and mortgages in the Dutch market.