The CCP 5 Long-Life core-plus style fund advised by Tristan Capital Partners has, with Stam Europe, acquired a trio of offices in Paris for €92 mln from a fund managed by Catalyst Capital.
The off-market deal comprises a portfolio of three renovated office buildings covering 18,223 m2 in the Rueil-Malmaison office sub-market of northwest Paris, close to La Défense.
Stam Europe will act as asset manager for the portfolio.
'Rueil is the second-largest office sub-market of the Peri-Défense business district and is a good alternative for companies that want easy access to Europe’s single biggest business cluster,' said Cecile Champy, executive director at Tristan Capital Partners.
'The three offices acquired have been extensively refurbished over the past five years and offer a good quality modern environment. This transaction brings Tristan’s assets under management in France to €400 mln, a position we want to continue building on.'
Developed in 1992, the assets were refurbished from 2013-2018 by the previous owners for a total cost of €16.4 mln (€902/m2), including complete lobby and floorplate refurbishment.
'Atria is a quality asset, stabilised in its market, with a good mix of in-place tenants. We believe this investment will be a great addition to the core-plus portfolios of CCP 5 LL and STAM Europe and we are looking forward to managing the properties to maximise and secure the future rental income,' said Maud Wargny, acquisitions director at STAM Europe.
The transaction was completed with CBRE as adviser on the acquisition.
CCP 5 LL was advised by Allen & Overy and Allez & Associe´s.