South Korea’s IGIS Asset Management and Canadian listed company Inovalis have jointly invested €90m in a Paris office.
The joint venture partners bought the property, south of the French capital in Arcueil, from the AEW Europe-managed Curzon Capital Partners II fund.
IGIS, which manages investments for The National Pension Service (NPS) of Korea, Public Officials Benefit Association (POBA) and Hyundai Life, was acting on behalf of Samsung Securities.
The Seoul-based manager, which has taken other Korean institutions into Paris, including the Korea Teachers’ Credit Union (KTCU), is taking a 75% interest in the property, with Inovalis holding a 25% stake.
The 30,700sqm property is fully-let until 2023.
David Giraud, chief executive of Inovalis, said Samsung Securities is “an important global real estate player, wanting real estate opportunities that take advantage of the macro improvements in the French economy”.
Giraud said the REIT will continue to seek similar investments in its targeted European markets and work with international investment partners.
Inovalis has an option to purchase IGIS’ stake in 2018.
If the asset is sold, Inovalis said it will receive 75% of the profit generated by the transaction.