Macquarie Global Property Advisors and Paul Raingold’s Generale Continentale Investissements have entered into a joint venture to acquire a 344,450 sq ft (32,000 sq m) office development in Paris, for €113m (£74m)

The property, known as Balthazar, is in the Saint Denis business district and is being acquired from developer Sogelym Steiner.

It has been designed by architect Richard Meier and Mas & Roux and will consist of two independent seven-floor wings, linked by a full-height glass atrium.

Macquarie is buying the property for its MGP Fund II, which has already made two other investments in France, including Capitale Sud, an office building in Montrouge, which it acquired with GCI, and the logistics development joint venture Logiffine, which is developing facilities in various locations in France, including in Lille and Valence.

‘We are very positive about the office sector in France, and in Ile de France in particular, as we continue to see declining vacancy rates and strong rental growth,’ said Macquarie managing director Alex Jeffrey.

Sharon Raingold, managing director of GCI, said: ‘This is GCI’s second investment in Saint Denis as we have a strong belief in the Saint Denis office market, as it has evolved over the past few years into a confirmed business district with large national and international corporations that have chosen it.’

The purchase was financed by HSH Nordbank.

Macquarie and GCI were advised by Gide Loyrette Nouel and Wargny-Katz; The sellers were advised by Herbert Smith and Oudot & Associes.