Paris-based Tikehau Investment Management has acquired a 130-asset real estate portfolio in a sale-and-leaseback transaction with French power company EDF.
Tikehau Real Estate II OPCI, managed by Tikehau IM, bought the offices and business assets from EDF Group's property investment company Sofilo. The properties provide a total of 300,000 m2 across Ile-de-France and other French regions.
EDF will continue to lease and operate the properties. Catella Asset Management, which assisted Tikehau IM throughout the acquisition phase, will act as asset manager. EDF said that the transaction was a new step forward in the execution of it's disposal plan for the 2015-2020 period.
While the investment volume was not disclosed, Tikehau IM said the this was the 7th transaction by its real estate team since 2014 and lifted real estate assets under management to over €1.7 bn. This compares to €900 mln of property assets under management and €1 bn deal pipleline at end-July 2016.
Tikehau IM has carried out several real estate investments since the end of the summer. This includes the acquisition of 80% of IREIT Global Group, manager of a Singapore-listed REIT that focuses on Europe and currently owns €450 mln of office properties in Germany.
Tikehau IM is part of Tikehau Capital, an investment group that managed €9.9 bn of capital across various asset classes for institutional and private investors at end-October 2016. At the end of 2016 Tikehau completed a €250 mln capital increase for its main real estate investment vehicle, the REIT Tikehau Real estate Investment Company (TREIC).
