EQT Real Estate expands French portfolio with office acquisition in Paris for EUR 42 million
- The transaction represents EQT Real Estate’s fourth acquisition in Paris – a 9,050 square metre vacant office property for a price of EUR 42 million
- The property is located on rue Mozart in Clichy Saint-Ouen, North Paris, less than 200 metres away from a new Metro station due to open in 2020
- The investment represents the EQT Real Estate I fund’s ninth investment to date
The EQT Real Estate I fund (or “EQT Real Estate”) continues to invest in established European office markets and today announces the acquisition of a vacant office property located in Clichy Saint-Ouen, North Paris. The property was acquired from a French pension fund advised by investment manager AEW.
Clichy Saint-Ouen is a mature sub-market in Paris with strong transport links. It will be further improved by the extension of Metro line 14 in 2020, which will place it just three stops from Paris’ Central Business District. The asset, built in 2001, comprises 9,050 square metres of office and storage space, and 199 parking spaces. The property is fully vacant and has been recently stripped out. The acquisition aligns with the firm’s strategy to focus on gateway cities with strong demographics driving sustainable GDP and office-based employment growth.
Olivier Astruc, Managing Director at EQT Partners and Investment Advisor to EQT Real Estate I, says: “This investment in Clichy, North Paris, further demonstrates the strategy to create modern offices suited to occupiers' needs for affordable and accessible grade A office space. EQT Real Estate has now completed four transactions in Paris, building a portfolio exceeding 60,000 square metres and EUR 500 million in gross development value. We continue to see strong demand from institutional investors, and EQT Real Estate’s strategy will allow us to continue to unlock value in key European sub-markets.”
During the acquisition process, EQT Real Estate I was advised by Savills, George V Notaires, De Pardieu Brocas Maffei, JLL Project & Development Services and Beadmans. Funds managed by ACOFI Gestion financed the acquisition, advised by Etude Panhard and Allen & Overy. The vendor was advised by Prud’homme & Baum and investment manager AEW.
Olivier Astruc, Managing Director at EQT Partners, Investment Advisor to EQT Real Estate I, +44 20 8432 5426
EQT Real Estate I, +44 207 430 5555
EQT Press Office +46 8 506 553 34
EQT is a leading investment firm with more than EUR 50 billion in raised capital across 28 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More info: www.eqtpartners.com
About EQT Real Estate I
The EQT Real Estate I fund will seek to make direct and indirect controlling investments in real estate assets, portfolios and operating companies that offer significant potential for value creation through repositioning, redevelopment, refurbishment and active management. The investments will typically range between EUR 30 million and EUR 65 million. The fund is advised by an experienced team from EQT Partners, with extensive knowledge of property investment, development and intensive “hands-on” asset management, and with access to the full EQT Industrial Network, including 10 European offices and more than 500 core Industrial Advisors.