French fund manager Ciloger has acquired the Osmose office scheme in the new ZAC Andromède district of Toulouse for an 8% yield.
French fund manager Ciloger has acquired the Osmose office scheme in the new ZAC Andromède district of Toulouse for an 8% yield.
The investment volume was not disclosed.
The acquisition was signed for the Atout Pierre Diversification investment vehicle.
Delivered by Codic on behalf of AXA Real Estate in 2009, the complex provides 13,000 m2 of space across three sections and is entirely let to Airbus, which took a nine-year lease in 2011. The scheme is in the process of receiving a ‘Very Good’ rating under BREEAM in use environmental standards.
Osmose is part of a major development operation in France encompassing an area of 210 hectares, developed in successive phases. AXA Real Estate bought the asset from Codic in 2008 as part of a larger acquisition of a 45,000 m2 office development portfolio.
BNP Paribas Real Estate and CBRE brokered the deal.
