CBREI acquires French business park

CB Richard Ellis Investors' Pan European Core Fund (PEC) has acquired the Central Parc business park near Paris from a private investor. The global real estate investment manager said that the transaction, arranged by Savills, is the fund's second acquisition in France and third acquisition in Europe. The financial details were not disclosed.

Central Parc is a business park located in the vicinity of the Paris-Charles de Gaulle airport. The asset comprises eight buildings with a total area of 29,000 m² built on a 107,000 m² of land. The park is let to 35 tenants.

Grégoire Lecomte, director in the Industrial & Logistics department with Savills, noted: 'This is the largest sale in this asset class in France in over a year'.

This third transaction for the fund follows on from the purchase of an office asset in the West End of London and of a prime light industrial asset in Paris Nord 2.

The open-ended PEC fund targets core investments across Europe with a strong emphasis on long-term secure income in the retail and industrial sectors. The fund has a lower weighting towards the office sector and targets those markets where the rental levels are below long term trends.

Ashurst, Ernst & Young and Savills acted for the PEC Fund, and Wragge & Co and Inocencio acted for the seller.