Real IS, the property arm of German lender BayernLB, has acquired an office property in Paris for €46 mln from France’s Les Républicains party in a sale-and-leaseback-deal.
The asset, in the Rue de Vaugirard 238 in Paris' 15th arrondissement, was purchased for the BGV VII Europa fund.
The building has a surface area of around 4,650 m2 over five floors. Real IS said that the French political party had signed a 10-year lease.
'The property meets the investment criteria of our BGV VII Europa, a fund for institutional investors,' said Axel Schulz, global head of investment management at Real IS.
'It is situated centrally on the left bank of the River Seine and has been fully let long term. The way the lease has been drawn up makes this property a risk-controlled investment with long-term prospects,' Schulz addded.
Real IS received legal advice from law firm SBKG & Associés, and tax advice from DLA Piper during the transaction. C&C acted as public notary.