French developer-investor Cofinance has joined forces with Aquila Asset Management to purchase a mixed-use asset in the Montmartre district of Paris for a total of €35 mln.

French developer-investor Cofinance has joined forces with Aquila Asset Management to purchase a mixed-use asset in the Montmartre district of Paris for a total of €35 mln.

The ensemble located at 100-104 Boulevard de Clichy in the 18th arrondissement of Paris was sold by a private family office.

The scheme, which is in need of refurbishment, consists of several buildings providing a total of 5,900 m2, mostly for residential and retail use.

'This operation perfectly illustrates Cofinance's new management strategy to acquire value add operations between €10 mln and €50 mln, alone or with partners,' commented Alexandre Beaubat, newly appointed investment director of Cofinance.

Allez & Associés assisted the buyer, while SCP Oury Narbey acted for the seller. The transaction was partly financed by CIG and Banque Palatine, advised by Allez & Associés. Cushman & Wakefield brokered the deal.