Infrared sells office asset in Toulouse

InfraRed Capital Partners has sold the Marengo building in Toulouse to the occupier of the property for EUR 47 mln.

The asset is located in the Marengo quarter of Toulouse and comprises 13,159 m² of office space over eight floors with 252 parking spaces. The investment was forward-funded in February 2007 as part of a portfolio, pre-let during construction in October 2007 to a public sector tenant and completed in January 2009.

'The business invested around EUR 200 mln in the French office market and is in the process of realising assets in the portfolio where the value addition process has been completed,' said Cédric Vallin, responsible for real estate deal origination in France at InfraRed. 'Marengo is an example of our successful strategy of developing a grade A office building in an established regional location, leasing it to a strong tenant and selling as a Core investment product.'

InfraRed Capital Partners, formerly HSBC Specialist Investments (HSIL), completed a spin-out from HSBC in 2011. Gide Loyrette Nouel and F2P Conseil advised the vendor in this transaction.