KanAm Grund Group has acquired the office building M-Square in Marseille from Real IS, the property arm of German lender BayernLB.
Financial details were not disclosed.
The 8,900 m2 property, located in Euroméditerranée, is fully let to a public entity from the healthcare sector. The lease expires in 2022. The asset was completed in 2010 and comprises six floors.
M-Square becomes the tenth property in KanAm's special alternative investment fund for institutional investors, which now holds investments in ten locations across seven European countries, including in the cities of Munich, Zurich, London, Den Haag and Luxembourg.
'The flexible usage options as well as full occupancy secured in the long term in one of the city’s most desirable locations are the outstanding features of the M-Square. We made use of the currently positive market environment for the transaction and have delivered renewed proof of our competence in active asset management,' said Catherine Luithlen, president of Real IS France.