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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 GlobeSt.com. 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.

For EUR 17 million [$26.6 million], the fund got a class A logistics center with 23,819 m2 [256,385 sf] and extra development land in Canly, Oise, 60 km north of Paris. Recall France SA occupies the entire building, which has 994 m2 [10,699 sf], 759 m2 [8,169 sf] of technical space and the balance in warehouse area. The site can park five heavy-goods vehicles and 85 cars. The asset was acquired for the ING Real Estate Industrial Fund Europe.

“France is a key market for our European fund business,” Weidenaar says in a press release. “The acquisition of these three properties will enable us to reinforce our presence in that country.” At last count, he says the fund owns EUR 200 million [$313.5 million] of office properties and EUR 150 million [$235.1 million] of logistics assets in France.

Weidenaar says the ING European Office Fund has raised EUR 750 million [$1.17 billion]. Its counterpart, the European Industrial Fund, weighs in at EUR 600 million [$940.49 million].

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