French investment Group Eurazeo Patrimoine has announced the purchase of a 78% stake in CIFA, a major ready-to-wear wholesale centre in Aubervilliers (Seine-Saint-Denis) near Paris.
French investment Group Eurazeo Patrimoine has announced the purchase of a 78% stake in CIFA, a major ready-to-wear wholesale centre in Aubervilliers (Seine-Saint-Denis) near Paris.
Although financial details were not disclosed, Eurazeo said the transaction represents an equity-financed investment of €26.5 mln with the remainder being funded under a property lease.
The asset generates consists of 38,000 m2 of space and over 1,500 parking spaces. Created in 2006 to supplement the textile businesses located in the Sentier neighborhood and the 11th district of Paris, it currently generates over €15 mln of rents a year.
'This first investment in the Paris region provides Eurazeo Patrimoine with an asset that combnes a high return with secure rental income. It is also a unique opportunity to capitalize on a high-growth zone that will ultimately benefit from the prospects the greater Paris region can offer,' said Renaud Haberkorn, Chief Investment Officer of Eurazeo Patrimoine.