Wölbern Invest buys Prisma Presse building in Paris

German closed-end fund manager Wölbern Invest has bought the Prisma Presse headquarters in Gennevilliers, to the west of Paris. The vendor is French real estate developer Nexity.

The asset - a fully let office building with 23,700 m² of space - will be marketed to investors through a new French closed-end real estate fund with an investment volume of some EUR 165 mln.

Designed by star architect Jean Paul Viguier, the HQE scheme was completed in October 2010 and is entirely occupied by Prisma Presse, a subsidiary of publishing house Gruner + Jahr, which uses it as corporate headquarter under a 12-year rental agreement. It also includes 426 parking spaces.

Wölbern Invest said the French fund will be placed onto the market from the fourth quarter of 2011. It follows the creation of Frankreich 02 and 03 which posted an average total return of 146% during their investment life.

Lefèvre Pelletier & associés and Tibierge & Associés acted for Wölbern. Lacourt Balas & Associés, Baker & McKenzie SCP and Didier Lasaygues - Notaire Associé advised the vendor. System Invest Beratungsunternehmen für die Immobilienwirtschaft brokered the deal.