KanAm Grund Group's Leading Cities Invest public fund expands the France portfolio with a purchase of the 300 Prado office building in Marseille, following the Nice acquisition last month. The property is fully let to the French utility company EDF, with global audit and advisory services firm Mazars and Apria, parent company to various insurers. It has been agreed to keep the sales price confidential.
300 Prado is located in the historic business district, the 8th Arrondissement of Marseille. Home to predominantly traditional firms, such as lawyers, auditors, doctors and other professionals, the district is also the city's most expensive and most popular living quarter. The property is located at the Rond Point du Prado, the centre of this famous boulevard. It has 9 stories with the top two levels including a large roof terrace with views of the Mediterranean metropolis.
Having acquired an office and retail building at the Avenue Notre Dame in Nice only a few weeks ago and having finalized its first investment in Poland with the Renaissance Building in Warsaw this June, Leading Cities Invest now holds investments in 17 locations across five countries. The fund management will continue to follow the guiding principles of this sustainable return of at least 3% per year with maximum possible security in 2019. As negotiations for further suitable properties are already approaching their final stages.
