A fund managed by BC Partners Real Estate has bought a €70m office building in France from DTZ Investors.
DTZ Investors said it has sold the 7,100sqm building in Issy-les-Moulineaux to the BC Partners European Real Estate I (BCPERE I) fund without disclosing any financial details.
According to sources, BCPERE I paid around €70m to buy office building which is currently let to BNP Paribas Real Estate.
The asset was developed in 2011. The fund’s manager plans to renovate the entire building.
Alban Liss, chairman of DTZ Investors in France, said the disposal was made on behalf of an institutional client, as part of a long-term investment strategy.
Liss said DTZ Investors also pursues short and mid-term value-add strategies, by co-investing alongside private equity funds.
“These value-add strategies are deployed in the office space, where the team has completed more than 1.5m sqm of development and restructuring projects, but also in logistics and now in activity and retail parks, where we see new market opportunities.”
Thibault Lauprêtre, partner at BC Partners, said this fifth investment, and the third one in France, reflects the ”new real estate paradigm created by technological transformation and reinforced by the health crisis”.
“There is a declining need for standardised workspaces, as employees now have higher requirements for working conditions and expect access to fresh air, sizable outdoor areas, adapted space to brainstorm and socialise and lively and welcoming environments, amongst others. Once renovated, we are confident that this building will meet all these demands,” Lauprêtre said.
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