German fund Deka Immobilien has acquired the 23 Opéra office and commercial building in the centre of Paris from French independent real estate investment manager Oreima.
Financial details were not disclosed.
The property will be added to the open-ended real estate fund Deka-ImmobilienEuropa.
The mixed-use property is situated on the route between the Opéra Garnier and the Louvre, in the Paris central business district,
The acquisition includes a typical Haussmann style construction that provide a leasable space of around 9,900 m2. The main tenant for the retail space is the French department store Monoprix, which has had a branch at this location for 80 years.
The offices were recently refurbished, receiving a BREEAM In Use certification for sustainable construction.
Deka said that the acquisition allowed its fund management to add a core property offering 'high versatility and secure long-term rental income' to its French portfolio.