French property investment company Terreis has completed the acquisition of a retail and office complex located in the eighth arrondissement of Paris for EUR 61.5 mln. The property was sold by French fund manager Axa Reim on behalf of an unnamed client. The investment volume reflects a yield of 7%.
French property investment company Terreis has completed the acquisition of a retail and office complex located in the eighth arrondissement of Paris for EUR 61.5 mln. The property was sold by French fund manager Axa Reim on behalf of an unnamed client. The investment volume reflects a yield of 7%.
The scheme, consisting of three buildings, offers a total of 9,200 m2 of office and retail space located at 25, 27, and 29 Rue Marbeuf, French newspaper BusinessImmo reported. Foncia Valorisation acted for the buyer.
Terreis reached a preliminary agreement to buy the Paris assets at the end of July. The purchase is part of Terreis' new investment strategy launched in early 2009 to capitalise on opportunities in the French property market. The company has signed purchase agreements for a total of EUR 91mln in the first six months of the year.
