KKR sells Orange portfolio in France for over €100m

US-based private equity firm KKR is divesting a portfolio of around 30 office and telephone exchange properties entirely leased to Orange group to Eternam, a real estate unit of the Cyrus group, for over €100 mln.

The properties, spread all over France, provide over 86,000 m² of rentable space.

'This transaction demonstrates our structuring know-how and allows private clients to access an investment with attractive returns and a long-term appreciation potential,' said Jonathan Donio, director of development and investment.

'We are pleased to have sold this portfolio to a pool of private investors, gathered in a club deal structured by Eternam, which recognises the attractiveness of these assets generating significant cash flows and having the potential to reposition itself in the long term,' added Guillaume Cassou, who heads the real estate business for KKR Europe.

Property firm Etche, which partnered with KKR on the deal, has retained a minority stake in the properties along with its asset management position.

Eternam has financed the purchase with a loan from six regional savings banks.


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