French fund manager Ciloger said it has completed the acquisition of 16 commercial assets located across France from an undisclosed seller. The transaction price amounts to EUR 115 mln. The properties, which are leased to Decathlon with nine-year rental agreements, were acquired by Ciloger for its Opportunite Placement Ciloger II fund, a newly-launched OPCI investment vehicle dedicated to institutional investors. Ciloger received approval from the French financial market authority for the creation of the fund at end-September.
French fund manager Ciloger said it has completed the acquisition of 16 commercial assets located across France from an undisclosed seller. The transaction price amounts to EUR 115 mln. The properties, which are leased to Decathlon with nine-year rental agreements, were acquired by Ciloger for its Opportunite Placement Ciloger II fund, a newly-launched OPCI investment vehicle dedicated to institutional investors. Ciloger received approval from the French financial market authority for the creation of the fund at end-September.
The fund launch follows the announcement in May 2008 that the French fund manager was teaming up with UK-based Invesco Real Estate to set up a number of OPCI investment vehicles dedicated to French retail and institutional investors. Opportunite Placement Ciloger I, representing the first OPCI launched in partnership with Invesco RE, at the time aimed to raise over EUR 300 mln from investors.
Created in 1984, Ciloger is the property fund management arm of Caisses d'Epargne and La Banque Postale. The company was the first fund manager in France to receive approval for OPCI's for retail investors.
