CB Richard Ellis Investors said its Pan European Core Fund (PEC Fund) has acquired a prime light industrial asset in Paris Nord 2 for EUR 15.2 mln from Sophia GE, an affiliate of GE Real Estate. The deal marks PEC Fund’s first acquisition in France and second purchase in Europe.
CB Richard Ellis Investors said its Pan European Core Fund (PEC Fund) has acquired a prime light industrial asset in Paris Nord 2 for EUR 15.2 mln from Sophia GE, an affiliate of GE Real Estate. The deal marks PEC Fund’s first acquisition in France and second purchase in Europe.
The Grade A building is located at 99, Avenue de la Pyramide in Roissy-en-France in the heart of Paris Nord 2, an international business park in the north of Paris and in the vicinity of the Roissy Charles de Gaulle airport. The 17,200 m2 building comprises 15,000 m2 of warehouse and 2,200 m2 of office and is fully let to Banque Magnétique, a leading French distributor of consumer electronics and IT peripherals.
This second transaction follows the purchase of an office asset in the West End of London and is in line with the PEC Fund's long-term investment strategy of targeting core investments across Europe with a strong emphasis on long-term secure income in the retail and industrial sectors.
Richard Everett, Managing Principal of the Fund, commented:: 'Our combined Fairval approach and research-based sourcing methodology highlighted northern Paris logistics as a key target market for investment. This second acquisition is in line with our objective of investing in modern, highly specified real estate that is underpinned by sound research-backed fundamentals.'
Ashurst, Etude Flusin & Associés and DBX Conseil acted for the PEC Fund, and Etude Thibierge & Associés advised Sophia GE.
