Real estate investment company Rynda Property Investors announced on Thursday that its French fund Rynda en Primeur has completed the purchase of the Unick portfolio for little over EUR 34 mln. The portfolio comprises 13 buildings of which 10 are located in major regional cities and three are in or near Paris. The portfolio has a total floor area of 21,000 m[sup]2[/sup]. The assets have being sold by CAAM - Real Estate on behalf of SCPI Lion.
Real estate investment company Rynda Property Investors announced on Thursday that its French fund Rynda en Primeur has completed the purchase of the Unick portfolio for little over EUR 34 mln. The portfolio comprises 13 buildings of which 10 are located in major regional cities and three are in or near Paris. The portfolio has a total floor area of 21,000 m2. The assets have being sold by CAAM - Real Estate on behalf of SCPI Lion.
The buildings, mostly offices, date back to the 1980s. Their vacancy rate is around 15% and the annual rent paid by some 50 tenants is about EUR 2.17 mln.
Drivers Jonas, asset manager for Rynda in France, advised Rynda on the transaction and has been appointed to manage the portfolio. CAAM - RE was advised by Catella (co-exclusive instruction with Cushman & Wakefield).
Michael Walton, CEO of Rynda said: 'En Primeur is designed to give institutional investors access to the opportunities of an attractive market sector. This portfolio consists of assets in strong locations and offers good security of income. We expect to announce further purchases shortly.'
Rynda is a real estate investment management firm that was established in September 2005 to operate funds throughout Europe.
