French fund manager La Fran莽aise Real Estate Managers has bought L'Etoile du Rhin development project in Strasbourg from developer Cirmad-Est. Financial details were not disclosed.
French fund manager La Fran莽aise Real Estate Managers has bought L'Etoile du Rhin development project in Strasbourg from developer Cirmad-Est. Financial details were not disclosed.
The acquisition, which is being carried out on behalf of the Immo SR OPCI fund, involves an office complex consisting of three buildings offering a total of 6,800 m2 of space. Delivery of the scheme - which is 80% prelet - is planned for March 2013.
The Strasbourg deal is the latest to be signed by La Fran莽aise REM in the past couple of months. In October, it bought Le Min茅ralis office building in the southern Paris suburb of Montrouge from German insurer Munich Ergo Asset Management for EUR 101 mln and spent another EUR 25 mln to purchase Le Strat猫ge in Puteaux from IVG Institutional Funds.
Fran莽aise Real Estate Managers is a specialist in SCPI fund management, with EUR 6.2 bn of property assets under management.
