Horizon French Property Partnership 1, a Luxemburgish property investment fund, has agreed with Bati Conseil to acquire the Vitalys building. The 14,000 m[sup]2[/sup] development is located at the Porte de Lilas, in the 19 arrondissement (district) of Paris. The asset has been acquired for EUR 51 mln with a prior-to-completion formula, with payment as work progresses. Delivery is scheduled for the end of 2008. CB Richard Ellis advised Bati Conseil on this transaction, newspaper Business Immo has reported.
Horizon French Property Partnership 1, a Luxemburgish property investment fund, has agreed with Bati Conseil to acquire the Vitalys building. The 14,000 m2 development is located at the Porte de Lilas, in the 19 arrondissement (district) of Paris. The asset has been acquired for EUR 51 mln with a prior-to-completion formula, with payment as work progresses. Delivery is scheduled for the end of 2008. CB Richard Ellis advised Bati Conseil on this transaction, newspaper Business Immo has reported.
'The Vitalys and other investments in France that are currently being signed, particularly in offices and logistics, commit more than half our own funds,' said the Horizon group. Its first fund in France is valued EUR 115 mln. Horizon has already announced its intention of launching a second fund at the start of 2008.
