German closed-end fund manager KGAL said it has started marketing PropertyClass Frankreich 1, its first French real estate investment vehicle. The fund made its first acquisition in October 2010 with the purchase of an office building in Fontenay-sous-Bois, Île-de-France, about 5 km east of Paris. The High Quality Environmental (HQE) property offers 20,000-m[sup]2[/sup] of office space and is entirely leased with a nine-year rental contract and no break option to France's largest bank, BNP Paribas.
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