UK private investor Patron Capital has exited a 19,000 m2 office investment in Malakoff, south of Paris, for €80 mln.

UK private investor Patron Capital has exited a 19,000 m2 office investment in Malakoff, south of Paris, for €80 mln.

The asset was sold to Eurosic, a French listed property company.

Patron said it received an unsolicited approach and therefore launched an informal sale process involving the shares of the OPCI owning the asset. The deal reflects a 6.5% yield.

The property is fully let on a long lease and is the corporate headquarters building for Edenred, a global company listed on NYSE Euronext Paris.

Patron managing partner Keith Breslauer commented: 'We are pleased to have successfully exited a further investment in France, with the investment reflecting our long-term strategic view of the French commercial property market where we will continue to seek to invest at least €200 mln capital over the next two years.'

Patron was advised by asset management partner Cleaveland.