EQT Real Estate, the Stockholm-based alternative investment firm, has acquired an office in Paris for €42 mln from a French pension fund advised by investment manager AEW.
The asset - a 9,050 m2 vacant office on rue Mozart in Clichy Saint-Ouen, North Paris - represents EQT Real Estate’s fourth deal in the French capital. It is EQT's ninth investment to date.
'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,' said Olivier Astruc, managing director at EQT Partners and investment advisor to EQT Real Estate I.
'EQT Real Estate has now completed four transactions in Paris, building a portfolio exceeding 60,000 m2 and €500 mln in gross development value,' Astruc added. '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.'
Constructed in 2001, the asset comprises over 9,000 m2 of office and storage space and 199 parking spaces. The property is fully vacant.
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.