Colonial is investing 鈧�165m in a Paris office asset through its Soci茅t茅 Fonci猫re Lyonnaise arm.
The Spanish property company鈥檚 French subsidiary, which has a property portfolio valued at 鈧�5.5bn, is buying the headquarters of the SMA Group.
The asset, in the 15th arrondissement of the French capital at 112-122 Avenue Emile Zola, is one of the largest office sites in the Paris centre west area.
SMA is due to moves to a new headquarters in the fourth quarter.
Dimitri Boulte, SFL鈥檚 managing director and COO, said: 鈥淲e are focusing on making targeted acquisitions of completely outdated office properties in high-potential districts we can redevelop and put back on the market as prime new products aligned with current expectations and office use practices.鈥�
Colonial said the 21,000sqm property was surrounded by residential and commercial real estate and well served by public transport.
