French SIIC Foncière Masséna has acquired an office building in the southern French port city of Marseille for around EUR 20 mln, excluding taxes. The vendor is IVG's Institutional Funds business.

Completed in 2003, the property is located at the centre of the new Euroméditerranée district in the second arrondissement of Marseille and offers around 5,500 m2 of space across seven storeys and 76 parking spaces. The asset is multi let to five tenants.

'After a very active 2010 which saw investments reach EUR 100 mln, Foncière Masséna confirms its intention to continue to grow this year in the office and services segments,' the company said in a statement on Tuesday.

CBRE brokered the transaction. Foncière Masséna was advised by law firm Hitier while Laurent Hosana acted for the vendor.