TORONTO – Inovalis Real Estate Investment Trust (TSX:INO.UN) is acquiring two office properties in Paris and a surrounding suburb for $61 million.
The real estate trust says the first property is a five-storey building located in the 14th district of Paris, an area that is a hub for travellers and tourists. The second property is in Saint-Ouen, France, a suburb north of Paris, and is comprised of four buildings. The total leasable area for the two properties is nearly 200,000 square feet.
Inovalis says it was able to secure the properties at a seven per cent discount. The buildings were recently appraised with a value of $66 million.
The REIT currently owns an interest in five office properties in France and Germany.