Credit Agricole Asset Management Real Estate (CAAM-RE) has completed the sale of its mixed-use Archipel portfolio through its property investment fund SCPI Edissimmo for EUR 127.5 mln. The portfolio comprises 64 assets for a total lettable area of about 164,000 m2, including 24% for office use and 76% for commercial use spread throughout France.
Credit Agricole Asset Management Real Estate (CAAM-RE) has completed the sale of its mixed-use Archipel portfolio through its property investment fund SCPI Edissimmo for EUR 127.5 mln. The portfolio comprises 64 assets for a total lettable area of about 164,000 m2, including 24% for office use and 76% for commercial use spread throughout France.
The 33 office assets, with a total lettable area of 42,000 m2, were sold to the UK-based Patron Capital fund for EUR 36.1 mln. The commercial portfolio was acquired by Rynda Property Investors' fund Rynda en Primeur for EUR 91.4 mln. CAAM-RE was advised by property advisors Jones Lang Lasalle and Cushman & Wakefield, whilst Cleaveland AM and Drivers Jonas acted for the buyers, French property newspaper Business Immo reported.
Patron Capital fund is already present in France as the majority shareholder of the Vectrane SIIC property company. It has EUR 7.5 bn under management in its opportunistic funds and EUR 2.5 bn in its core property business in Vectrane, Patron's French public company. The fund acquired an eight-building portfolio in mid-2005, comprising four office properties in Paris and Lille, as well as a leisure property portfolio in the French ski area of Courchevel.
