International asset managers Global Gate Capital and DeA Capital have acquired an office building in Paris from a French institutional investor, finalising the deal process during lockdown.
Financial details were not disclosed.
Located in Suresnes and delivered in 1990, the office comprises 7,500 m2 of usable space over eight floors. Benefiting from a strategic location next to La Défense, it is currently 92% let to high quality tenants on long term leases. The investor group plans to institute a value-add strategy to fill vacancy and improve the building in the coming years.
DeA Capital Real Estate France will act as the local operating partner and will be supported by Humakey as Property Manager.
Emanuele Dubini, chairman of DeA Capital Real Estate France, said: 'We are very happy with this transaction executed in an unprecedented context. Suresnes is a dynamic market with strong fundamentals and benefiting from a very good position within the Western Crescent of Paris.
'We will pursue the value-creation strategy initiated by the seller together with the existing tenants and our partners in this transaction.'
The investor team entered into exclusivity on the deal in November 2019, signing the promissory note in January and closing the deal in the last week of March - some ten days after France went into lockdown in mid-March. Financing was also secured last month, according to DeA Capital.
Rudy Sayegh, CEO of Global Gate Capital, added: 'We are delighted to complete this transaction which represents our third real estate acquisition in France over the past 18 months. We are long term, value driven investors with the ability to act quickly which should serve us well in the current economic climate. We are actively focused on finding the right opportunities to grow our French portfolio in the months and years to come.'
