Tristan's European Property Investors Special Opportunities IV (EPISO 4) Fund in a joint venture with French asset manager Stam Europe have acquired a development site to build a five-storey office building providing 14,500 m2 of space in Val-de-Fontenay, eastern Paris.
The partners will carry out the construction alongside developer BPD Marignan. Financial details were not disclosed.
Stam Europe will be responsible for asset management.
The site is ready for immediate construction to achieve the delivery of an energy efficient building in the second quarter of 2021.
'Situated to the east of Paris, ten minutes from Châtelet transport hub, Val-de- Fontenay has emerged as a very dynamic submarket, attracting large corporate and public sector occupiers such as Société Générale, RATP and BNP,' said Jean-Philippe Blangy, managing director – head of portfolio and asset management at Tristan Capital Partners.
'We are convinced of the strength of the submarket and are familiar with the area having acquired with the previous vintage of our opportunity fund, a 12,000 m2 property on the Michel Ange office campus in April 2016, currently fully let to a French government agency,' added Edward Bates, managing director of Stam Europe.