Valad Europe has purchased an office building in the north-central French city of Orleans from Rockspring Property Investment Managers for an undisclosed amount.
Valad Europe has purchased an office building in the north-central French city of Orleans from Rockspring Property Investment Managers for an undisclosed amount.
The asset, Orléans Plaza, was acquired for the Valad European Diversified Fund (VEDF).
The 6,500 m2 office building, constructed in 2008, is fully let to seven different tenants, with an annual rent roll of €1.1 mln and a weighted unexpired lease length of 5.8 years.
The acquisition of Orléans Plaza follows a broadening of VEDF’s geographic remit earlier this year to include France, in addition to the UK and Germany.
Karl Delattre, Valad Europe’s Head of France, commented: 'This is our first acquisition for VEDF in France and is a great example of the type of assets we are looking to acquire.'
He added: 'We are currently carrying out due diligence on a further €65 mln of property acquisitions for VEDF as we look to deploy circa €250 mln of capital we have available to invest in France, which is a core part of our corporate strategy to diversify our assets under management.'
Allez and Associes advised Valad Europe, while Les Notaires du Quai Voltaire advised the vendor.
Valad European Diversified Fund is a €1 bn fund which employs leverage between 50 - 65%. The fund invests in Core Plus / Value Add assets in the UK, Germany and France with individual lot sizes between €5 - €50 mln, across the office, retail and industrial distribution warehouse/smaller logistics sectors.