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- January 1, 2012: Vol. 6, Number 1

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Perial Acquires French Offices

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Union Investment has sold an office building in Marseille to Perial Asset Management for €38.4 million. The property, Espace Gaymard, will be contributed to Perial’s SCPI POF2 real estate fund.

Union Investment’s UniImmo: Europa fund acquired the property in 2002 as a speculative development project.

“When we acquired the property, Marseille was still a minor regional office market, but we could see its development potential, especially in relation to the ambitious Euromediterranée port project,” says Dr Karl-Joseph Hermanns-Engel, the member of the management team at Union Investment Real Estate GmbH responsible for business outside Germany.

 

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