German fund manager iii-investments has acquired its first property in a prominent location in Paris for a new real estate special fund. The sole unit holder of the fund is a German pension fund. No financial details were disclosed.

The seven-storey building is located in a top quality area in the heart of the 9th arrondissement in Paris. The building, dating back to the turn of the century, was comprehensively renovated in 2008 and can also be leased in smaller space configurations. Additional acquisitions in European metropolises are currently being assessed.

The transaction was accompanied by Cushman & Wakefield, Herbert Smith, Jusot & Associés, Turnbull Associés and Wargny Katz & Associés.

iii-investments is the real estate investment company of HypoVereinsbank in the UniCredit Group and one of the market leaders for real estate special funds in Germany. The company currently manages real estate assets valued at nearly EUR 5 bn in 13 countries in Europe. The bulk - or EUR 4.4 bn - is invested on behalf of institutional investors in eight special funds and a SICAV from Luxembourg.