PARIS-ING Real Estate, expecting to place EUR 250 million [$391.8 million USD] this year, has deployed more than EUR 85 million [$136.3 million] into buying two fully leased office buildings and a brand-new logistics center in France. The off-market deals, all one-offs, went start to finish in less than four months.

“Most appealing is the location and the upward potential of the area in combination with the quality of the properties,” Leo Weidenaar, manager of ING’s European Office Fund, tells The office buildings were acquired from a private institutional investor in France and the logistics center was bought from a joint venture of Gazeley and CalEast Global Logistics.

The fund paid EUR 70 million [$109.7 million] for the office buildings, each about seven years old. In Bordeaux’s city center, the fund acquired Le Millenium I, totaling 6,873 m2 [73,980 sf], which is occupied by six tenants. In the Forum Seine area of Issy-les-Moulineaux, the fund picked up the L’Open Building, with 86,412 sf in eight stories, and a six-level underground parking garage at 21 rue Camille Desmoulins. London-based CMPMedica occupies 75% of the building; the balance is leased to Jersey City, NJ-based OXya and American Power Conversion Corp., headquartered in West Kingston, RI.

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