Irish syndicate Le Premier Property Funds (LPPF) has bought six buildings south of Paris for €10.58m (£7.2m).
Mainly offices with some warehousing, the six buildings are in the business park at Moulin, Massy.
They have a combined floor area of 7,344 sq m (79,050 sq ft) and are fully let to 12 tenants.
To date Ganly Walters, the Irish associate of King Sturge, has acquired €40m (£27.6m) of property for LPPF.
Ian McKee, who works in the investment department at Ganly Walters, says that the price indicates a gross initial yield of 8.3%, which equates to a net yield of about 7.8% after purchasing costs.
The majority of the leases are traditional French leases, being nine years with breaks at years three and six. There are also one or two longer-term leases.
Sited 17 km south of Paris, the business park is beside the A10/E50 autoroute and within 11 km of Orly Airport.
References: EGi News 16/03/06
