Macquarie Global Property Advisors (MGPA) said on Thursday that its joint venture with French real estate investment and development company GCI has agreed to sell the Capitale Sud office building in Montrouge, south of Paris, to French mutual fund Uneo for EUR 64 mln.
Macquarie Global Property Advisors (MGPA) said on Thursday that its joint venture with French real estate investment and development company GCI has agreed to sell the Capitale Sud office building in Montrouge, south of Paris, to French mutual fund Uneo for EUR 64 mln.
MGPA, on behalf of one of its European Funds, and GCI acquired the 11,000 m2 Capitale Sud as a vacant building in September 2006. The investment, MGPA said, was an excellent 'buy-fix-sell' opportunity. The joint venture completely refurbished the property to give it a more modern appearance, air conditioning was installed and the ceiling was heightened to adhere to modern standards.
Alex Jeffrey, MGPA's CEO for Europe, said: 'At the time of this investment, we identified Paris as one of the strongest performing markets in Europe. This has proven to be the case, and MGPA remains confident that further strong returns can be generated in this market including through our other investment, Le Balthazar in Saint-Denis.'
'We are continuing to see attractive acquisition opportunities in a diverse range of locations and real estate sectors throughout France and anticipate making further announcements about acquisitions in the near future,' he added.
MGPA and GCI were advised by Keops and AtisReal, Gide Loyrette Nouel and Notaire Roussel. Uneo was advised by Mobilitis and Notary Oudot.
MGPA is a private equity real estate management company focusing on investment in Asia and Europe and manages over EUR 3.5 bn in assets. The company opened its Paris office in January 2007.
GCI was created in 1975 and has invested in over 850 000 m2 of offices and other commercial properties, principally in the Paris region and major provincial cities.