Germany based Real I.S. AG has acquired an office property, Grand Large, in Marseille, France, for its real estate special AIF BGV VIII Europa, from the French insurance company Assurance du Credit Mutuel. The parties have agreed to keep the purchase price confidential.
The property which consists of two interconnected buildings with an area totalling 13,785 is 92 percent let. The Grand Large on 7–9 Boulevard de Dunkerque is located in Euromediterranée I, Marseille’s Central Business District
“With 12 top quality tenants from various industries, the property has a well diversified mix of sectors. The location of these first rate office premises also meets our own high standards. The Euromediterranée I ranks among the most important office submarkets in the region Marseille/Aix,” said Catherine Luithlen, President Real I.S. France.
Read Also : Real I.S. buys logistics portfolio in France
The anchor tenants in the property include Société Générale (4,495 sqm, plus a 185 sqm sales office on the ground floor), Bouygues Immobilier (1,729 sqm), GIE Cibail (1,602 sqm) and GMF Assurances (1,120 sqm).
The buildings which are two technologically and legally independent units were designed by the architectural office Valode & Pistre and built in 2003. Between 2016 and 2020, the complex underwent full renovation. Upon completion of the work, the complex was awarded the BREEAM environmental certification with the rating “GOOD”. Building 1 which covers an area of 8,337 sqm and Building 2 with 5,448 sqm each consist of seven storeys, a ground floor and two basement floors.
The office property in Marseille also includes 183 parking spaces located in two separate underground car parks. Building 1 has 113 parking spaces and Building 2 70 parking spaces.
“Together with Germany and the Netherlands, France is one of Real I.S. AG’s most important countries for acquisitions. Along with Paris, Marseille/Aix is of particular interest. As the country’s third largest office market, the region has an overall area of around 3.7 million sqm,” explained Axel Schulz, Global Head of Investment Management at Real I.S. AG.