Union buys two office projects near Paris for EUR 240m

Union Investment has acquired two office developments near Paris for its UniImmo: Germany open-ended real estate fund. The purchase price amounts to around EUR 240 mln.

Located in the new Bruyeres district of Bois-Colombes, northwest of Paris, the projects provide a total of 38,000 m² of rental space. They are being developed by local builder Sefri-Cime on behalf of AXA Real Estate and are planned for completion in 2013.

Building A offers 30,000 m² leased with a fixed term of nine years to credit insurance company Coface. Building B consists of 8,000 m² also leased for nine years to GRT Gaz, a subsidiary of energy provider GDF Suez. Both buildings boast BREEAM and HQE environmentally-sustainable certificates.

'With this acquisition we continue our strategy to invest consistently in sustainable properties in strong locations,' said Volker Noack, managing director of Union Investment Real Estate.