Financial details were not disclosed.

The property will be partially demolished and fully restructured according to the latest market standard. Completion is scheduled for mid-2023.

The seller is Paris-based property developer Groupe Terrot. The property is acquired on behalf of the institutional open-ended property fund UniInstitutional European Real Estate.

Adam Irányi, head of investment management office Europe at Union Investment said: 'The acquired property is located in a trendy location in the 11th arrondissement east of the Paris CBD, where the supply of attractive office space is scarce.

'The micro-location is sought after by many companies looking to attract and retain young talents, as the district is known for its good restaurants and bars, hotels, and diverse range of leisure activities.

'The ESG credentials of the project are strong and we believe the asset is an attractive addition to our existing portfolio and helps diversify our geographical footprint in the Parisian market.'

The deal marks the fourth acquisition in Paris within twelve months. Union Investment most recently acquired three office buildings in Paris CBD: at 5-7 Avenue du Coq, 59 Boulevard Haussmann and 60B Avenue d'Iéna.

The six-story property with a rooftop terrace has a lettable area of around 2,900 m2 and is fully pre-let on a 9 years firm basis to the state-owned public cultural institute "L'Institut Francais", at a very defensive rent. The asset will be compliant with the European taxonomy. Sustainability certification in accordance with BREEAM Very Good is planned.

Union Investment was advised by Attal et Associés and Clifford Chance.