A pair of opportunity funds advised by Tristan Capital Partners are investing a total of over €100 mln to purchase and refurbish two office buildings near the Val-de-Fontenay and Saint-Denis Pleyel stations in eastern and northern Paris.
The European Property Investment Special Opportunity 3 (EPISO 3) fund acquired a 12,000 m2 building on the Michel Ange office campus in Fontenay-sous-Bois, east of Paris, from Aviva. The property is fully occupied by a French government agency and French bank Société Générale is scheduled to open a new 90,000 m2 campus for its back office staff on a neighbouring site later this year.
European Property Investment Special Opportunity 4 (EPISO 4), Tristan’s successor opportunity fund, purchased the vacant 16,600 m2 Grand Angle building in Saint Denis from Oman’s State General Reserve Fund. The property, which will undergo a complete refurbishment, is next to the Saint-Denis Pleyel metro station, which is expected to become a major stop for the additional lines planned under the Grand Paris project to speed up travel from Charles de Gaulle airport, the city centre and La Défense.
'Grand Paris will be transformational for the office markets of the city’s inner suburbs and both of these locations are set to benefit from the new and upgraded rail infrastructure which lies at the heart of the masterplan,' said Jean-Philippe Blangy, managing director at Tristan Capital. 'The improved connectivity will significantly increase the appeal of these locations to occupiers who are looking for better value, quality space outside of the supply-constrained office market of the city centre and La Défense.'
Tristan has made three acquisitions in France over the past six months and is actively looking at more opportunities in the Paris region as well as elsewhere in the country, added Blangy.
Catella Asset Management, which will oversee the building, advised Episo 3. Allen & Overy and Racine provided the fund with legal and corporate advice. BNP Paribas Real Estate advised Aviva.
For the Saint Denis acquisition, Episo 4 was advised by Stam Europe, which will oversee the renovation programme and provide asset management services. Dentons and Arsene Taxand provided the fund with legal and tax advice.
