La Française Real Estate Partners, the Paris-based real estate asset manager, has acquired the Natixis office building in Paris for €176 million on behalf of Korea Post, the South Korean state-owned investor.
The eight-story asset, located on Rue Montmartre (pictured), provides approximately 101,000 square feet of floor space and is leased long-term to French investment bank Natixis. The building’s main tenant is Banque Privée, a subsidiary of Natixis.
The seller, which was not disclosed, was advised Cushman & Wakefield.
The transaction is La Française’s second deal within a few months, made on behalf of large Korean investors. In July, the firm acquired the So Ouest Tower, in Paris, on behalf of Samsung SRA Asset Management for around €800 million.
“La Française has advised on, and now manages, close to €1 billion of real estate assets on behalf of Korean investors across France, Germany and the UK,” said Patrice Genre, chairman of La Francaise.
“This is the first transaction since the opening of our office in Seoul, under the leadership of Shawna Yang, which enhances our ability to provide a high quality service to Korean investors seeking to invest in overseas markets,” added David Rendall, head of international real estate business development at La Française.
Korea Post has recently focused on buying office assets, particularly in the US where it has spent more than $1 billion on three transaction dating from 2011 to July this year.
In June, La Francaise increased its ownership in a strategic partnership with London-based private equity real estate firm Forum Partners from 66 percent to 85 percent, in order to expand the business’ exposure to European real estate.