EQT Real Estate, the Stockholm-based alternative investment firm, has completed its third acquisition in Paris with the purchase of a 13,600 m2 office scheme for over €70 mln.
The property, located in the 13th arrondissement, was bought on behalf of the EQT Real Estate I fund. The seller is an affiliate of Jerusalem Economic Corporation, an Israeli stock exchange company.
The asset, built in 1987, is located at Rue du Chateau des Rentiers and provides office and storage space, a corporate restaurant and 245 parking spaces. The property is completely leased to a number of tenants.
'Rue du Chateau des Rentiers presents a rare opportunity to upgrade an historic office site in an attractive inner Paris location,' commented Olivier Astruc, director at EQT Partners and Investment Advisor to EQT Real Estate I.
Robert Rackind, partner and head of EQT Real Estate at EQT Partners and Investment Advisor to EQT Real Estate I added: 'The Rue du Chateau des Rentiers investment is exactly what EQT Real Estate is all about – underinvested assets in European gateways cities with several value add angles.'
EQT Real Estate I was advised on the acquisition by investment advisors Syzygy Advisors, notaries Lasaygues & Associés, acquisition and debt lawyers Ashurst, structuring advisors Arsene Taxand, capital market advisors Savills, technical advisors JLL Project & Development Services and project managers (AMO) Builders & Partners.
Etoile Property Management will be property manager for the asset. Aareal Bank financed the acquisition and was advised by notaries Allez and lawyers De Pardieu Brocas Maffei.
The vendor was advised by its asset manager Etoile Property Services and by 1768 Notaires.
