Global Investment Partners, CBRE鈥檚 multi-manager, has bought a 20% stake in a Paris office tower.
The deal sees take over an equity holding in Tour Adria at La D茅fense.
The stake could be worth as much as 鈧�120m given that a 68% stake in the tower was sold last year for around 鈧�450m.
The asset is 80% owned by a club of investors in a French OPCI structure, managed by Primonial REIM.
The French asset manager bought a 68% stake in the property last July from Testa, a subsidiary of Spanish property company Sacyr.
Prior to the global financial crisis, Testa had planned to list the 53,841sqm property in a French Soci茅t茅 d鈥橧nvestissement Immobilier Cot茅e (SIIC) REIT vehicle, having paid 鈧�560m for the asset in 2006 at a 6% yield.
CBRE GIP said the tower was fully let to Technip Group on a 12-year lease until 2021, with annual indexation.
Jeremy Plummer, chief executive at CBRE GIP, said: 鈥淲hilst the macro-economic environment in France remains challenging, the acquisition offers a unique opportunity to access a landmark building in one of the largest European business hubs at an attractive entry point in the cycle.鈥�
CBRE Global Multi Manager, the indirect arm of CBRE Global Investors, last month changed its name to CBRE Global Investment Partners.
The platform recently said it has raised more than $1.1bn (鈧�849m) since the start of the year.
Read IP Real Estate鈥檚 take on the fund-of-funds rebrand
