Property investor Societe de la Tour Eiffel (STE) has acquired three properties in France for a total of EUR 30 mln. Coming weeks after STE sold seven buildings to Henderson Global Investors for EUR 36 mln, the French company said the new acquisitions were in line with its investment strategy based on 'secure and long-term returns coupled with medium-term redevelopment opportunities with the accent on new or recent buildings'.
Property investor Societe de la Tour Eiffel (STE) has acquired three properties in France for a total of EUR 30 mln. Coming weeks after STE sold seven buildings to Henderson Global Investors for EUR 36 mln, the French company said the new acquisitions were in line with its investment strategy based on 'secure and long-term returns coupled with medium-term redevelopment opportunities with the accent on new or recent buildings'.
In Amiens, the company purchased the headquarters of Lee Cooper France. The property is an 18,000-m2 modern warehouse and office building on a 33.500-m2 site. The vendor remains in occupation on a nine-year closed lease. In addition to offering a 8.5% initial yield, the property is located in an established retail park (Carrefour) with future redevelopment potential, STE said. The investment amounted to EUR 5.5 mln.
In Chartres, STE signed an agreement with property developer Sagimm/Built to acquire the first phase of a light industrial/office project. Two buildings of 5,700 m2 each will be delivered. The investment amounts to EUR 13 mln for an expected yield of 7.5%. The Chartres Business Park project will extend to 22,800 m2 in total. STE has an option on the future phases.
In Saint-Cloud on the western borders of Paris, the company purchased a recording studio and offices building of 4.000 m2, rented to VCF on a nine-year lease. The initial yield is 8%. The site offers substantial office redevelopment potential in the medium term. The investment amounts to EUR12 mln.
STE was advised by Awon Asset Management, the notaries Etude Allez & Associes and Etude Le Breton & Associes. Atis Real were agents on the Saint-Cloud transaction.