French asset manager Stam Europe, on behalf of the Madeleine fund, has acquired the Green One building from a real estate fund managed by Amundi Immobilier.
Financial details were not disclosed.
The 5,000 m2 office property is located in the 18th arrondissement of Paris, and was delivered in 2011. It is fully let and boasts several environmental labels.
'This transaction, which adds a 6th asset to the Madeleine fund, fits perfectly with our core-plus strategy of value creation in established markets,' said Maud Wargny, acquisitions director with Stam Europe.
'Stam will manage this asset to optimise its rental income in the mid-term in a Parisian market lacking available qualitative lettable space.'
The Madeleine fund was advised on the transaction by l’étude Alliance Notaires, law firm LPA-CGR and NOX for the technical due diligence.
Amundi Immobilier was advised by Nexity Conseil et Transaction and Savills in a co-exclusive mandate, as well as l’étude notariale Oudot & Associés.