RedTree Capital, a private fund manager founded by former Carlyle executives Eric Sasson and Robert Hodges, has joined forces with UK & European Investments to acquire a 232,000 sq ft (21,548 m2) office building near Paris.
RedTree Capital, a private fund manager founded by former Carlyle executives Eric Sasson and Robert Hodges, has joined forces with UK & European Investments to acquire a 232,000 sq ft (21,548 m2) office building near Paris.
The vendor is the LPOV fund managed by LaSalle Investment Management, which bought the asset in 2009 from Standard Life Investments for around €100 mln.
The acquisition, the first by RedTree Capital in France, was made through an OPCI investment vehicle managed by Ciloger and invested jointly by RedTree and UK & European Investments. The latter company is backed by the Lewis family which owns the River Island clothing chain.
Financial details were not disclosed. Financing was provided by BNP Paribas.
The deal involves the Blériot scheme at 1-3 quai Dassault in Suresnes along with 483 parking spaces. The asset is fully let to subsea engineering company Subsea 7 with four years remaining on the lease. It was built in 2005, and includes a company restaurant, gym and concierge service.
Catella Asset Management and Jones Lang LaSalle advised on the deal.
'The long-term fundamental value drivers of this investment and attractive financing markets make this an ideal first investment in France,' said Eric Sasson, founding partner of RedTree Capital.
The partners are planning to make further investments in the Paris market in the next 18 months, they said. 'We continue to see long-term value in Paris and are planning to allocate further capital to the venture,' added Adam Golebiowski, acquisitions director of UK & European Investments.
