Wölbern Invest buys Paris office for latest French fund

Hamburg-based fund manager Wölbern Invest has acquired an office property in Paris for its new closed-end French office fund Frankreich 05. The investment volume amounts to EUR 170 mln.

Frankreich 05 is the fifth and biggest French fund to be launched by Wölbern to date with a total investment volume of EUR 170 mln including EUR 85 mln of equity.

The fund has a life term of 10 years and is targeting annual returns of 5.25%. Investors can participate for a minimum amount of EUR 10,000.

The acquired asset is located in the Boucle Nord district in northwest Paris and houses the headquarters of Prisma Média, France’s second-biggest magazine publisher and a subsidiary of the Bertelsmann group. The property was completed in 2010 and is leased to Prisma Média for at least 12 years.

‘France is currently one of the most attractive markets for real estate. It has recovered well from the financial crisis,’ said Wölbern Invest's managing director Thomas Kühl.

Wölbern Invest is an initiator and manager of closed-end real estate funds for the Wölbern Group, which has 93 real estate and private equity funds with a total investment volume of EUR 3.5 bn. Wölbern Invest focuses on office investments and launched its first green building fund in June. It is active in Germany, the Netherlands, the UK, France, Austria and Poland