Fidelity Real Estate has acquired the Le Verdi office building in Issy-Les-Moulineaux, Paris for its Eurozone Select Real Estate Fund for an undisclosed amount.
Fidelity Real Estate has acquired the Le Verdi office building in Issy-Les-Moulineaux, Paris for its Eurozone Select Real Estate Fund for an undisclosed amount.
The 6,500 m2 building is the global headquarters of Nestlé Waters, a subsidiary of Nestlé.
The acquisition was partly funded with a €22 mln secured loan.
The transaction follows on from the €6.1 mln purchase in August of a 10,000 m2 logistics building let to DHL and located in the Wustermark Freight Village, 20 km west of Berlin. The facility was acquired for an initial yield of 9.0%.
'This deal represents another example of our approach in targeting high-quality, modern buildings let to multi-national tenants at an attractive acquisition yield,' said Aymeric de Seresin, portfolio manager in France. 'Through a combination of buying just outside the prime markets and using a moderate amount of competitive leverage, we are able to deliver a high and secure income yield for our client.'
Fidelity Real Estate was advised on this transaction by Simmons & Simmons, Bourdeau Consulting, Arsène and Shift Capital.
