PARIS-CB Richard Ellis Investors has acquired a light industrialbuilding here for $20 million for its Pan European Core Fund. The185,000-square-foot facility was purchased from Sophia GE, anaffiliate of GE Real Estate.


The building is fully leased to Banque Magnetique, a Frenchdistributor of consumer electronics and IT peripherals. At 99Avenue de la Pyramide, the building is within the Paris Nord 2international business park, which is in the Roissy Charles deGaulle airport market.


This is the fund’s first acquisition in France and the secondpurchase in Europe, following an office building buy in the WestEnd of London. According to CBRE, the fund targets core investmentsacross Europe with a strong emphasis on long-term secure income inthe retail and industrial sectors.


Richard Everett, managing principal of the fund, said in astatement that the firm’s methodology highlighted northern Parislogistics as a key target for investment. However, the fund has alower weighting toward the office sector, and targets those marketswhere the rental levels are below long-term trends, Everettsaid.

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