Principal Real Estate and Cepac Foncière acquire French office building

Principal Real Estate Europe, on behalf of the Principal European Office Fund (PEOF), and Cepac Foncière have jointly acquired the Astrolabe office building in Marseille through their new OPPCI OP-SUD from Covivio and PREDICA. A sales price was not disclosed.

Located on the boulevard de Dunkerque, in the heart of the Euromed business district in Marseille (the third-most important business district in France), Astrolabe is a 15,000-square-meter (160,000-square-foot) office building comprising seven floors. A landmark building in the Euromed Center, opposite the Cepac Silo, it is in an optimal location and is fully let to 10 high-quality tenants.