Real Estate Investment Management (REIM) has bought a Paris office building from a fund.
The EPISO 3 opportunity fund sold the 12,000sqm office building on the Perigares business campus in Fontenay-sous-Bois, east of Paris, to BNP Paribas REIM, for an undisclosed sum.
BNP Paribas REIM bought the asset on behalf of SCPI Accimmo Pierre.
Jean-Philippe Blangy, the head of asset management, at , said: 鈥淭his successful disposition demonstrates our capacity to invest in growing and maturing sub-markets where we see value creation opportunities.
鈥淎t the time of acquisition, the single lease had a short residual duration to expiry, which we subsequently renegotiated. Since purchase, Val de Fontenay has seen numerous relocations, as shown by Societe Generale moving several thousand workers into its newly delivered Dunes Campus across the road from the asset.鈥�
Guillaume Delattre, the deputy general manager of BNP Paribas REIM France, said: 鈥淭he acquisition of this secured asset completes BNP Paribas REIM鈥檚 consolidation of the office complex at the heart of a maturing business district, as we have owned the other two buildings, Perigares A and B, since 2016 and 2012.鈥�
The property is fully occupied by a French government agency.
