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* SOFAZ buys Paris asset
The State Oil Fund of Azerbaijan has made its first real estate purchase in France, agreeing to buy a mixed-use trophy asset in central Paris from Axa Real Estate for euroi35m. The 5,400 m2 building, located at 8 Place Vendôme, in the city's first arrondissement, is occupied by tenants including Italian haute couture company Valentino in the office space and French and Japanese fashion brands Dior and Mikimoto in the retail space. SOFAZ, which is buying the asset from an Axa client, was advised by Cushman & Wakefield's Capital Markets Group.
* Helaba funds Warta Tower
German bank Helaba is financing the office property Warta Tower in Warsaw with euro59m from Chmielna Inwestycje, a special purpose entity of Kulczyk Holding. Built in 2000, Warta Tower is in the centre of Warsaw's CBD. The class A property houses the headquarters of TUIR Warta, one of Poland's largest insurance companies. Rising 82m, the building comprises 22 floors with 28,000 m2 of lettable space. Kulczyk Real Estate Holding was established in 2008 and is owned by Kulczyk Investments. In 2012 KREH established a joint venture with the US real estate company Silverstein Properties.
* Schroder buys in Frankfurt
Schroder has acquired an office building in Frankfurt for its German real estate special fund. Corpus Sireo sold the building on behalf of an international investor for euroi6m. The 6,900 m2 property, located in Frankfurt's Bockenheim district, is fully let to various tenants on a long-term basis.
* PDI to develop resi project
Diisseldorf-based PDI Property Development Investors has won consent to develop the Palais an den Höfen residential project in Frankfurt. The project has an investment volume of euro45m and will be financed by a German bank. The 4,378 m2 plot, which PDI acquired in January 2012, is in the Frankfurt-Sachsenhausen district. PDI is planning a 16,000 m2 development, designed by Frankfurt architect B&V Braun Canton Volleth, that will include 133 high-end residential units.
* Union grabs Berlin estates
Union Investment Institutional Property has acquired three residential estates in Berlin for euro87m from listed company TAG Immobilien. Union Investment also announced that it had euroi2om of equity available for further investment. The portfolio was acquired on behalf of Union Investment's real estate special...