Italian asset manager DeA Capital's French property arm has joined forces with an unnamed London-based investor to acquire a 15,000 m2 real estate complex located in Noisy-le-Grand, in the Greater Paris Area, from a private investor. Financial details were not disclosed.
The complex, made of two office buildings, has recently be partially renovated and is currently 65% let to several tenants. The investors plan to deploy a value-add strategy to fill vacancy and complete the renovation in the coming years.
As local operating partner, DeA Capital Real Estate France will oversee the asset management of the project and be supported by VSA Property for the property management.
Emanuele Dubini, CEO of DeA Capital Real Estate France, said that the new acquisition allows the firm to diversify the risk profile of its assets. 'DeA Capital Real Estate France intends to become a reference partner for institutional investors across Europe and this new investment confirms our rapid growth in France.'
Stanislas de Gabrielli, investment director at DeA Capital Real Estate France, added: 'The strategic location of this asset at the entrance of Noisy-le-Grand and the potential to further improve the asset and notably services to tenants are attractive features which we will be able to leverage in a market proven resilient in previous economic cycles.'
The buyers were advised by the law firms SBKG & Associés, Bryan Cave Paisner Leighton, C&C Notaires and JLL for the technical part. The financing was provided by My Partner Bank, advised by Haussmann Notaires. The seller was advised by CBRE and Oudot & Associés.
DeA Capital has a total of €23 bn of assets under management, €10 bn of which in real estate and the remainder in private equity & NPLs. The company has offices in Italy, France, Spain, Portugal, Poland and Germany.
