Quilvest, the luxembourg-based wealth manager and private equity investor, has acquired an office building in the northwestern of Paris, Aviva Investors Real Estate France.
The acquisition of Le Clarté, a 5,200-m2 office building in the peri-Defense area of Paris, marks Quilvest Real Estate’s first acquisition in France.
Le Clarté is a multi-let office building comprising seven overground and two underground floors, and is over 70% let. The building is located within Rueil 2000, one of the strongest office submarkets within the peri-Defense area of northwestern Paris. The RER A train station linking the area to La Defense is located 150 metres from the property.
Quilvest Real Estate will work with the operating partner Freo France to let the remaining space.
Patrick Laroche, CIO Europe & Asia at Quilvest Real Estate, commented: 'France, and particularly Île-de-France, is a competitive market, however there are still attractive investment prospects with good asset management potential. Le Clarté itself benefits from strong fundamentals, such as its flexible building layout, good condition and proximity to La Defense. It also offers an opportunity for leasing and capex improvements which, once undertaken, will make it an appealing asset for future buyers.'
Quilvest said it intends to pursue further investments in French real estate as part of its pan-European acquisition strategy. 'We continue to actively deploy capital in properties that offer value-add potential,' explained Laroche.
