Tristan Capital Partners' Episo 3 opportunity fund has announced the sale of a 12,000 m2 office building on the Perigares business campus in Fontenay-sous-Bois, east of Paris, to BNP Paribas REIM, on behalf of SCPI Accimmo Pierre, a French regulated vehicle.
The terms of the transaction were not disclosed.
The property is fully occupied by a French government agency on a recently signed, long, institutional lease.
Tristan has pursued a similar investment strategy with the acquisition in Val de Fontenay of 15,000 m2 office property on behalf of the later vintage Episo 4 opportunity fund with BPD Marignan, which will be delivered in Q1 2020 offering modern office space at attractive rental levels.
Episo 3 was advised by Catella Asset Management during acquisition, asset management and disposal of the asset. The purchaser was advised by BNP Paribas Real Estate Transaction France.
'This successful disposition demonstrates our capacity to invest in growing and maturing sub-markets where we see value creation opportunities,' said Jean-Philippe Blangy, head of asset management, at Tristan Capital. 'At the time of acquisition, the single lease had a short residual duration to expiry, which we subsequently renegotiated. Since purchase, Val de Fontenay has seen numerous relocations, as shown by Societe Generale moving several thousand workers into its newly delivered Dunes Campus across the road from the asset.'
Guillaume Delattre, deputy general manager of BNP Paribas REIM France added: 'The acquisition of this secured asset completes BNP Paribas REIM’s consolidation of the office complex at the heart of a maturing business district, as we have owned the other two buildings, Perigares A and B, since 2016 and 2012.'
