Weinberg reaches first close of value-add fund, strikes Paris deal

Weinberg Capital Partners (WCP), a Paris-based real estate investor, has announced the first close of its value-added fund WREP#3 at €110 mln, marked by its first deal in the French capital. 

The fund's debut acquisition, a flagship building located in the 9th arrondissement of Paris, has been fully leased to a single legal tenant, as part of a planned repositioning of the asset. The property will be renovated by architect Franklin Azzi. The deal volume was not disclosed.

WCP said that another deal would most likely be announced by the end of the year. WREP#3 has attracted capital from French and international institutional investors to date, and is now aiming for a final close at €250 mln.

The fund's investment strategy lays emphasis on the repositioning and development of office, retail and business buildings, mainly in Paris and the Ile de France region, with a deal size varying from €25-100 mln. Its 'local' strategy is a key success factor, according to WCP partner, Jean-Philippe Olgiati. 

'This first close demonstrates our investors' confidence in our ability to source, despite a competitive environment,' Olgiati said. 'The deal in the 9th arrondissement is the best illustration of this. We are now in a position to invest more than €200 mln on a discretionary basis, including bank financing, and are pursuing the development of WCP's real estate platform.' 

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