IVG Immobilien AG is investing €47 million in an office project development at the Montrouge office location southwest of Paris. The vendor is a joint subsidiary of ICADE Tertial and Eifage Immobilier.
The planned "Cap Sud" building has a lease space of 12,300 m² and is to comprise eight stories above ground and three stories below ground. Construction can begin in summer 2006, so that it will be completed in the second half of 2008. The project will be managed and let by the local IVG branch in Paris.
"This attractive investment in one of the key real estate markets in Europe offers excellent letting and income opportunities", commented Michael Lipnik, Director of International Portfolio Management at IVG, with regard to this additional involvement in Paris.