Insurance group Swiss Life AG finalized the purchase of a 28-building core office portfolio in Paris' central business district from property company TERREÏS for a total of €1.7 billion, excluding transfer duties.

Property Week also reported on the deal, adding that the properties were bought through real estate funds managed by Swiss Life Asset Managers' entities in Switzerland, France, Germany and Luxembourg. Swiss Life has set up an investment fund of roughly €1.3 billion alongside four European investors, the May 29 report added.

TERREÏS said in a release that its shareholders unanimously approved a public share buyback tender offer, allowing minority shareholders to receive €60 per ordinary share following the sale.

The payment of distributions and the settlement of the shares is expected to take place in the end of July, following which TERREÏS shareholder Ovalto will launch a public repurchase offer followed by a squeeze-out priced similarly as the share buyback.