Global Gate Capital and Black Swan Real Estate Capital have completed the acquisition of a building located on Rue Drouot, in the 9th arrondissement of Paris.
This mixed-use building, with a total area of approximately 1,500 m2, is spread over seven floors and revolves around an interior courtyard.
Representative of Parisian architecture of the mid-19th century, it was later extended in 1927 and is partially vacant. The joint venture intends to reposition its residential components.
Rouzbeh Badi Arez, partner at Black Swan Real Estate Capital, said: 'We are delighted to partner with Global Gate Capital. The exceptional location and the resilience of the residential market make it a very attractive asset in the current economic landscape and real estate market.'
Florent Jeanneau, head of French real estate at Global Gate Capital said: 'We are delighted with the acquisition of this historic building in the heart of Paris and intend to enhance this it by restoring it to its original elegance.
'We are actively looking for the right opportunities to expand our residential portfolio in Paris, as it is our belief that the Parisian residential market offers resilience, great value creation and capital appreciation opportunities.'
For this transaction, Global Gate Capital and Black Swan Real Estate Capital were advised by the notary firm 83 Haussmann, the law firms Faith and BCLP, the property manager iGestion and THEOP and RETA on technical matters.
