The Elysée Pierre SCPI investment vehicle, managed by HSBC Real Estate Investment Management, has acquired the 5th Avenue office scheme located in Courbevoie, in the northwestern suburbs of Paris for nearly EUR 34 mln. The vendor is French listed group Gecina.

The fully let scheme offers around 7,500 m2 of office accommodation and 211 parking spaces.

The transaction is in line with Gecina's strategy to sell around EUR 1 bn in assets in 2011. The company has executed around EUR 220 mln worth of sales so far in 2011.

Law firm Michelez et Associés and DL Consulting/Groupe Pario advised the buyer while Cheuvreux acted for the vendor.