Carlyle completes acquisitons from Maheu portfolio in Paris

The Carlyle Group announced on Tuesday that it has completed the acquisition of two mixed-use residential/retail buildings in Paris. The properties form part of the EUR 231 mln- Maheu portfolio of 11 buildings that has been put up for sale by a French social security agency. Both buildings are located in prestigious neighbourhoods of the capital, the global private equity firm said.

The first building comprises 7,555 m² of residential accommodation and 811 m² of retail space at 130-132, avenue de Versailles in the 16th arrondissement of Paris. The second property comprises 2,067 m² of residential space, 964 m² of office space and 876 m² of retail space. The building is located at 18, rue Marbeuf in the 8th arrondissement of Paris.

Carlyle said it intends to undertake a number of asset management initiatives which will primarily comprise light refurbishment works to improve the property for current tenants and future occupiers.

Throughout the refurbishment phases, Carlyle will consider selling the buildings either together, as individual properties or by offering the joint residential tenancies, the office space and the retail elements as separate lots. Emerige, a developer and manager of real estate assets in France, has been appointed to partner Carlyle in its marketing strategy for the two buildings.

Both acquisitions were financed by Société Générale and Crédit Mutuel.

Agnès Riban, co-head of acquisitions in France for Carlyle Real Estate, comments: 'Carlyle has traditionally focused its real estate investment strategy primarily on the acquisition and development of office properties and, whilst this remains a key sector for us, the acquisitions we have announced today underline Carlyle's strategy of investing in a more diverse range of real estate assets both in France and across Europe. We are very happy to be able to conclude this acquisition so soon into 2010 and hope to be able to announce further such transactions in the near future.'