One of the funds managed by French real estate investment management firm Primonial REIM has closed on the acquisition of Semaphore, an office building in Levallois-Perret.
Sémaphore, which was fully let at the time of the deal, is situated in close proximity to the centre of Paris and La Défense with excellent public transport links.
Primonial REIM's fund acquired the 12,000 square meter office building from Europa Capital, and its joint venture partner, Balzac REIM for 142.5 million euros ($157 million).
In 2017, Europa Capital and Balzac REIM had bought the asset, with vacant possession, and having obtained revisions to an existing building permit, undertook a comprehensive upgrade of the building.