Tristan and M&G both increase exposure to Paris office market

Tristan Capital Partners, together with STAM Europe, has acquired an office portfolio in Paris for €92m on behalf of its CCP 5 Long-Life core-plus fund.

The three renovated buildings encompass 18,233sqm of space and are in the Rueil-Malmaison sub-market of northwest Paris, close to La Défense.

The assets were sold by Catalyst Capital and STAM Europe will manage them.

Cecile Champy, executive director at Tristan Capital Partners, said: “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.

“The three offices acquired have been extensively refurbished over the past five years and offer a good quality modern environment.”

The transaction brings Tristan’s assets under management in France to €400m, which Champy said was “a position we want to continue building on”.

M&G Real Estate has also announced the acquisition of ADN, a prime office in the central business district of Paris, for €34m.

The building, which is vacant with planning permission for 1,800sqm of space, was bought for the M&G European Property Fund.

The off-market acquisition is M&G’s second in Paris this year following the purchase of Greenwalk in Suresnes for €126.5m and increases the fund’s allocation to the office sector in continental Europe.

David Jackson, fund manager at M&G Real Estate, said: “With our second acquisition in Paris this year, we are establishing a firm foothold in a market which is benefiting from a positive economic outlook, strong employment growth and high demand from occupiers.”