Mirae Asset Daewoo and Amunda Real Estate purchase Majunga tower in Paris

Mirae Asset Daewoo and Amundi Real Estate have acquired the 67,036-square-meter (271,000-square-foot) Majunga tower, located in Paris La Défense, a major business district just outside of Paris, through a joint acquisition.

A transaction price was not disclosed.

Constructed in 2014, the 45-floor, 195-meter (2,098-foot) building is the third-tallest tower in the Paris region.

“The Parisian market suffers from a scarcity of quality office space,” said Samy Bchir, director at Deloitte. “Demand, fueled by the dynamism of economic growth in France and by Brexit, have put pressure on the rental market. In a context of falling vacancy rates and rising rents, investor demand for core products is very strong. For the acquisition of an iconic building like Majunga, this has resulted in strong competition between international investors.”

The asset holds a BREEAM Excellent classification, as well as HQE Excellent and BBC labels, according to Mirae. It also