German closed end fund manager Real I.S. has acquired an office building in the central business district of Marseilles for some EUR 34 mln. Real I.S. carried out the transaction for its institutional fund BGV III. The vendor was a fund managed by Pramerica Real Estate Investors.

The 9,000 m2 asset is leased to the French government on a 12-year term.

BGV III is now fully invested. Earlier, Real I.S. said it has raised EUR 200 mln of equity for closed-end funds in Germany and abroad. By the end of the year it intends to have placed a total of EUR 300 mln.