AnaCap and Freo acquire Paris office from Catalyst Capital

European private equity firm AnaCap Financial Partners and German developer-investor Freo Group have acquired a 10,600 m2 office building in the western suburbs of Paris from Catalyst Capital.

Financial details were not disclosed, but market sources put the purchase price for the property, known as Axe Etoile, at around €50-55 mln.

Located close to Nanterre railway station and set to benefit from the Grand Paris project and the construction of a new station that will host both train and metro lines, the 10-storey building is currently around 60% let to six tenants, including BNP, Eiffage, Vinci and CIC.

Freo and AnaCap have identified a range of asset management initiatives to drive value at the property, which was initially constructed in the 1980s, including a complete refurbishment programme.

The property also offers 189 parking spaces in its basement and Upside Partners has been appointed as the project managers for the renovation project. 

Romain Frémont, managing director of Freo France, said: ‘This is a compelling opportunity to acquire a well-located asset with high-quality in-place income that also offers significant potential to increase value through a comprehensive asset management programme and forthcoming infrastructure improvements.’

Sebastien Wigdo, managing director at AnaCap Financial Partners, commented: ‘This acquisition represents a great opportunity for AnaCap to continue to diversify its portfolio of real estate assets, adding an income-generating, stable office asset with scope to significantly enhance value creation through asset management.’ The investment represents AnaCap’s fifth real estate asset in France.

Catalyst Capital was advised on the transaction by JLL under a co-exclusive mandate with Cushman & Wakefield. External financing was provided by debt fund Cheyne Capital, and the buyers were advised by law firm Fieldfisher and Les Notaires du Quai Voltaire. Catalyst Capital was advised on the legal side by Lasaygues.


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