Global investment firm KKR has acquired a majority stake in French commercial property firm Etche from Groupe BMF and co-founders.
Financial details were not disclosed.
Private real estate firm Etche owns and operates a portfolio of over 120 assets with a gross asset value of around €400 mln across France in the logistics, light industrial and office sectors.
Mai-Lan de Marcilly, director of European real estate at KKR, said: 'KKR and Etche have substantial experience having successfully invested together in the French logistics and light industrial sectors for the past six years.
'We are delighted to invest in a high quality, diversified portfolio geared towards the Industrial & Logistics (I&L) sectors that will benefit from structural tailwinds and strong market dynamics.'
KKR said that the transaction would further expand its real estate presence and capabilities in France, with an increased focus on the I&L sector through Etche.
KKR has acquired some 800,000 m2 of I&L space over the last 24 months across France, the Netherlands, Italy, Spain and Ireland. The investment in Etche was made through a European real estate fund managed by KKR.
Léon Baruc, CEO of Etche, commented: 'This transaction with KKR is not only a great opportunity for Etche but also a recognition of the quality of work delivered by our team. It will give us the chance to broaden our horizons. Etche will remain a nimble company with the financial strength and expertise of a major one.'
Michaël and Fabien Bertini, founders of Groupe BMF, commented: 'Groupe BMF has been proud to support Etche’s development these past few years and to have leveraged our expertise to help the company execute its growth strategy.'
KKR was advised by Gide, Etude Wargny Katz, Norton Rose and Accuracy. Etche was advised by Cabinet Kramer Levin, Etude Durant des Aulnois and CE2C Expertise & Conseil. Groupe BMF was advised by Bredin Prat.
