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.