French asset manager Black Swan Real Estate Capital has expanded its portfolio in Paris by acquiring a fully let retail block in the 15th arrondissement on behalf of ClubFunding Group, in a joint venture with a British investment fund.
Located on a busy pedestrian street in the vicinity of the Champ-de-Mars and the Eiffel Tower, the 6,000 m2 asset is occupied by French DIY company Castorama and includes 150 underground parking spaces.
Financial details were not disclosed, but PropertyEU understands from market sources that the purchase price was around €80 mln. The vendor is a French pension fund.
‘We are delighted to announce this first partnership with ClubFunding Group and to add this high-quality asset to our portfolio. It reflects our strong interest in diversified assets in the city centre such as retail and residential. Thanks to its strategic location, the building covers the southwest of Paris, and is perfectly suited to the needs of large retail users,’ said Rouzbeh Badi Arez, partner at Black Swan Real Estate Capital.
‘This transaction is consistent with our strategy of investing in commercial real estate assets, and we are confident that it will contribute to the growth of our group,’ added David Peronnin, president of ClubFunding Group.
The acquisition team was advised on the deal by notary firm Haussmann Notaires as well as law firms Fairway and BCLP. Sagonne Capital acted as counsel to the buyer.
Launched in February 2021, Black Swan Real Estate Capital is a real estate investment and asset management firm focused on the French market which acquired its first asset in Paris in September 2021.
