Europa Capital, in joint venture with Balzac REIM, has acquired an office building in a western suburb of Paris for its pan-European investment fund, Europa Fund IV.
The investment volume for the asset at 5 Quai Marcel Dassault, Suresnes was not disclosed.
5 Quai Marcel Dassault is situated on the banks of the River Seine in Suresnes, some 3 kms to the South of La Defense, Europe's largest office district. The property, originally constructed in 2003 on the site of the former Blériot Aéronautique factory, comprises 12,400 m2 of office accommodation arranged over ground and four upper floors around a landscaped open atrium.
The building is currently 85% leased generating €3.7 mln of rent per annum, reflecting a blended headline office rent of €280 per m2, with about 80% of the income secured against the covenant of Airbus Group SAS which have occupied the property since its construction in 2003. The other occupiers are Waycom Group and Dassault Aviation.
Europa was advised on the acquisition by Paris-based Balzac REIM, whihc has been retained as asset manager, together with Dentons and notary Le Breton & Associes, while Catella and notary Wargny Katz & Associes represented the seller.
