KanAm Grund sells three-office portfolio for a total of $934m
Germany-based KanAm Grund has sold three office properties around the world. IGIS Global Private Real Estate Fund, on behalf of South Korean investors Hanwha Life and Kyobo Life, purchased three office properties in North America and Europe for $933.7 million. The portfolio totals 1.39 million square feet.
The largest asset was the 899,687-square-foot Bell Canada Campus in Montreal. The sales price was $306.5 million, or $341 per square foot. The campus totals four buildings, ranging between five stories and nine stories. Bell Canada is the sole tenant of the office complex.
The second asset sold was the 262,620-square-foot office property at 810 Seventh in Washington, D.C. The Korean investment consortium acquired the building for $215 million, or $819 per square foot. The eight-story office building includes street retail, totaling 21,528 square feet, and 235 parking spaces. Major tenants include the Department of Justice and DRI Development.