The German real estate investment manager DEGI Deutsche Gesellschaft fuer Immobilienfonds mbH has closed a particular transaction for its open ended DEGI INTERNATIONAL fund. With the City of Paris it swapped the fund's property ‘M7’, a nearly vacant office and commercial building in Paris’ Rive Gauche submarket, for the fully let, historical Gaz de France headquarters in the 9th Arrondissement near the central business district of the French capital.
The price for the fund's property lies at €122,75 million, the total investment volume for the newly acquired property lies at €142 million. The property in rue Condorcet has lettable space of 25.137m² and consists of five interconnected office buildings and two further residential buildings.
The property swap, a novelty in the city's history, had to be approved by the city's municipal council. It's an enormous mark of confidence by the City of Paris, that together with DEGI as a foreign investor it entered new territory and realized this asset swap," says Malcolm R. Morgan, Managing Director at DEGI.
Source: Degi International