Publications

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

To read this full article you need to be subscribed to Institutional Real Estate Europe

Perial Acquires French Offices

by

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.

 

Forgot your username or password?