UK-based Patron Capital fund, in association with Bolton Square and Cleaveland, has acquired the Archipel portfolio, a set of office buildings comprising 33 assets with a total lettable area of 42,000 m[sup]2[/sup] in France. The portfolio was sold by the Edissimo property investment trust and managed by CAAM RE, the Credit Agricole Asset Management Real Estate. Patron Capital fund is already present in France as the majority shareholder of the Vectrane SIIC property company.
UK-based Patron Capital fund, in association with Bolton Square and Cleaveland, has acquired the Archipel portfolio, a set of office buildings comprising 33 assets with a total lettable area of 42,000 m2 in France. The portfolio was sold by the Edissimo property investment trust and managed by CAAM RE, the Credit Agricole Asset Management Real Estate. Patron Capital fund is already present in France as the majority shareholder of the Vectrane SIIC property company.
Patron said that the transaction is in line with its diversified investment policy in the French market. The financial details were not disclosed. In a statement, the investor said the fund aims at 'acquiring mainly multi-tenanted building portfolios, comprising large and medium size assets, including a letting vacancy rate of the order of 15% to 30%, and on which conversion or adaptation work is necessary'. The investment target in this sector is of the order of EUR 5 bn.
Patron has EUR 7.5 bn under management in its opportunistic funds and EUR 2.5 bn in its core property business in Vectrane, Patron's French public company. The fund acquired an eight-building portfolio in mid-2005, comprising four office properties in Paris and Lille, as well as a leisure property portfolio in the French ski area of Courchevel.
