FREO Group, the German-headquartered pan-European investment manager and developer, completed its first two office acquisitions in the French market this year as part of its increasingly international acquisition and renovation programme.
The first transaction involved buying the 35,000 m2 Pablo Picasso office building in the Nanterre district, close to La Defense, in Paris. The deal, dating from July, was carried out in partnership with a British investment fund. FREO, as asset manager, will oversee a capital expenditure programme and renovation of the building.
A month later FREO joined forces with a US investment fund for its second acquisition in Paris. This involved the property on Rue Vernier in the 17th district of Paris. As with the first deal, FREO is to manage the capital expenditure and renovation of the Rue Vernier property.
The investment transactions come a year after FREO acquired Atemi, a French asset management company based in Paris and Marseille.
Spain has also been on the agenda this year. In October FREO made its first acquisition in the market by purchasing Orion, a modern office asset in the Manoteras sub-market of Madrid. The property was acquired from German fund manager Triuva. The property is leased in its entirety to a number of international occupiers including ACS Group, SACYR and Whisbi Technologies.
FREO will be responsible for executing the asset management business plan and will focus on refurbishment of the building to improve its aesthetics and to support tenant retention and rental growth.
Established 20 years ago, FREO is an independent pan-European investment manager and developer with a network of 15 offices in seven countries with over 100 employees.
