has acquired an office building in France鈥檚 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 Real鈥檚 closed-ended real estate fund CFB 165 since 2007.
The sole tenant of the six-storey property is French state-owned railway company 脡tablissement Public 脿 Caract猫re Industriel et Commercial Soci茅t茅 Nationale des Chemins de Fer Fran莽ais (脡PIC SNCF ).
Martin Schellein, the head of investment management Europe at Union Investment Real Estate, said: 鈥淪ince Paris鈥檚 central business district is expanding, we expect the micro-location to become even more attractive in the future.
鈥淎s an investor with a focus on the long-term, we, therefore, anticipate the property continuing to generate strong rental income.鈥�
Following the transfer of the Euro Alsace office building, Union Investment now holds 17 office and retail properties in France worth around 鈧�2.8bn.
