Stockholm-based private equity firm EQT has completed its second Parisian real estate acquisition with the purchase of an office building located on Avenue Dubonnet in Courbevoie, Western Paris.
The 30,000 m2 Doublon asset is in need of redevelopment. It is understood to have been sold by US group Beacon Capital Partners for €51 mln.
'The distressed investment represents an opportunity to create high-quality office space at a compelling rental basis for tenants, in close proximity to Paris’ two key business districts,' EQT said in a statement.
The acquisition comprises a two -building office campus with a communal restaurant, substantial landscaped gardens and 740 parking spaces.
'Le Doublon is a showcase of what EQT Real Estate is targeting in Europe – good value, underinvested assets with several value-creation angles, located near strategic transport hubs that will benefit from future infrastructure investment and the associated amenities that come with it,' said Robert Rackind and Edouard Fernandez, partners and real estate co-heads at EQT Partners.
Savills advised EQT on the project. Ashurst acted as legal advisor.
In mid-July EQT entered the French property market with the acquisition of an office refurbishment project on Rue Lauriston in Paris for €33 mln.
