Australian insurance group AMP Capital Investors has acquired the Wagram office building from French REIT Siic de Paris for around EUR 22 mln. The property is earmarked for the group's Global Direct Property Fund.

The deal is AMP's first acquisition in France.

Siic de Paris said the transaction will generate EUR 9.4 mln in capital gains. The disposal is part of the company's asset rotation strategy aimed at selling mature assets to unlock equity for new acquisitions.

The building is located in the 17th district of Paris, and offers 2,563 m2 across eight floors. The property is multi-let to six tenants with electronics manufacturer Sony occupying a majority of the asset.

DTZ Investissement and Knight Frank brokered the deal.