has acquired an office building in Franceβs capital from fellow German fund manager Commerz Real.
Union Investment bought the Euro Alsace office building in Paris for its institutional open-ended real estate fund UniInstitutional European Real Estate.
No financial details were disclosed.
The property was held by Commerz Realβs closed-ended real estate fund CFB 165 since 2007.
The sole tenant of the six-storey property is French state-owned railway company Γtablissement Public Γ CaractΓ¨re Industriel et Commercial SociΓ©tΓ© Nationale des Chemins de Fer FranΓ§ais (ΓPIC SNCF ).
Martin Schellein, the head of investment management Europe at Union Investment Real Estate, said: βSince Parisβs central business district is expanding, we expect the micro-location to become even more attractive in the future.
βAs an investor with a focus on the long-term, we, therefore, anticipate the property continuing to generate strong rental income.β
Following the transfer of the Euro Alsace office building, Union Investment now holds 17 office and retail properties in France worth around β¬2.8bn.
