Paris-headquartered asset management company Atream has acquired another asset in the Les Patios estate in Boulogne-Billancourt on behalf of French pension fund Carac.
Financial details were not disclosed.
According to Atream, the asset is located in the heart of Boulogne-Billancourt, the second-largest services industry hub in the Paris area.
Les Patios is made up of five buildings located near the Metro station Marcel Sembat. This deal sees Atream buy a third building within the estate. In 2019, the REIT (SCPI) Carac Perspectives Immo acquired two other buildings that form part of the property.
According to the investor, the six-storey Les Patios A building features 4,000 m2 of office space plus two basement-level parking lots. The offices include private terraces and a garden. The asset has been purchased partially occupied and will be subject to an active marketing programme to lease the remaining space.
Work will be done to improve the building’s energy performance, with the goal of securing an environmental protection label in operations. Atream said that rents remained high in the Boulogne-Billancourt area.
Pascal Savary, chairman of Atream, said: 'With the acquisition of the Les Patios A building, Atream has supported Carac with its strategy of acquiring service industry assets. This operation is one of the finest examples of our expertise in acquiring assets with strong value creation potential.'
