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Primonial REIM pays €118M for Paris office asset

Primonial REIM acquired a 22,600-square-meter office property in Paris' Gennevilliers suburb for €118.2 million, Property Investor Europe reported.

The Clever 1 building, which is a part of the 50,000-square-meter Clever office complex, was purchased from Cargill's investment unit CarVal and Aquila Asset Management, the May 31 report noted. The asset is 99% let to four tenants and was purchased on behalf of Primonial REIM-managed funds.

Primonial REIM's assets under management reached €10.7 billion at 2016-end. The properties offer 2.6 million square meters and are leased to 1,600 tenants in France, Germany, Belgium and northern Italy.