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Hyundai, French asset manager buy Paris office building for €235M

Hyundai Investments Co. Ltd. and an undisclosed French asset manager bought the seven-story, 32,600-square-meter Le Balthazar office building in the Paris metropolitan area for €235 million, The Korea Economic Daily reported.

The parties invested approximately 150 billion won in the asset, while borrowing the remaining amount for the acquisition, the report added, citing investment banking sources.

Hyundai Investments plans to resell its equity interests in the property to South Korean insurance companies and other institutional investors.

The property is leased to the business services arm of French telecommunication company Orange SA.

As of May 25, US$1 was equivalent to 1,078.43 won.