Schroders makes €130m investment in Paris office market

Schroder Real Estate has invested €130m in Paris for its pan-European Swiss fund, Immobilien Europa Direkt (IED).

The Résonance office was bought for the open-ended fund, an investment group of Zurich Investment Foundation, and an unnamed French insurance group.

Immobilien Europa Direkt was launched in 2013 by Schroders and Zurich Investment Foundation and has been designed specifically for Swiss pension schemes.

The property was developed and completed last year by Codic and pre-let on a nine-year lease.

Tony Smedley, head of continental European investment at Schroder Real Estate, said: “The purchase is entirely consistent with our strategy of investing in growth cities where infrastructure projects are expected to transform a sub-market and generate long term alpha.”

The 25,000sqm property is near the Line 15 of the Grand Paris infrastructure project, in Bagneux to the south of Paris.