International real estate investors MGPA and CarVal Investors have teamed up to acquire a 17,000-m[sup]2[/sup] office development near Paris.
International real estate investors MGPA and CarVal Investors have teamed up to acquire a 17,000-m2 office development near Paris.
London-based MGPA and CarVal Investors, which is headquartered in Minneapolis, announced on Tuesday that they have signed a construction contract with the vendor of the Upsilon project, French developer Immobilière Ile de France (IIDF). MGPA acted on behalf of its MGPA Fund III. The investment volume was not disclosed.
Upsilon is located in the Malakoff suburban commune in Hauts-de-Seine department, southwest of Paris. The building, designed by architectural firm Arte Charpentier, will be HQE-certified with completion scheduled for mid-2013.
Laurent Luccioni, MGPA CEO for Europe, and Robert Balick, senior managing director of CarVal Investors, said the acquisition was based on an analysis of the lack of quality office space in key European markets such as Paris.
The transaction was financed by Natixis and Credit Foncier de France.
MGPA is a private equity real estate investment advisory firm. It has $10 bn of real estate under management globally, with Europe accounting for just under EUR 3 bn.
CarVal Investors is a leading global alternative investment fund manager. Since 1987, the fund manager has invested more than $45 bn (EUR 32 bn) in 3,900 transactions across 59 countries. CarVal Investors currently has $11 bn in assets under management in both credit and real estate strategies.
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