French SIIC Foncière Massena has expanded its office property portfolio in Marseille with the acquisition of an 8,400-m2 building at the centre of the new Euroméditerranée district from Germany's IVG Institutional Funds. The transaction price amounts to around EUR 31 mln, excluding taxes.

The purchase comes hard on the heels of Foncière Massena's acquisition last month of an office property in the same neighboorhood for EUR 20 mln and allows the company to acquire 'a strategic position' in the area, the Paris-based real estate investment trust said in a statement.

Foncière Masséna is the listed real estate investment arm of Groupe des Assurances du Crédit Mutuel, with assets valued at around EUR 915 mln.