A fund managed by Weinberg Capital Partners has agreed to sell a portfolio of retail assets including Passage Jouffroy in Paris' 9th arrondissement in a €145 mln share deal with Immobilière Dassault.
Built in 1846, Passage Jouffroy is an inner-city retail gallery providing around 13,000 m2 of space and including the Grévin museum as well as a few hotels and some office space.
In addition to Passage Jouffroy, the portfolio comprises a number of ground-floor retail assets in the centre of Paris - namely in the 7th, 8th and 17th districts - as well as a Haussmann-style office building of 2,700 m2 in Paris' 9th district.
The properties generate €4.5 mln of annual rents.
As part of the transaction, Immobilière Dassault will buy 95% of the CPPJ company owning the properties and assume the related debt consisting of a €62 mln loan as well as a €16 mln credit line to finance construction works.
Immobilière Dassault, which specialises in commercial assets in Paris with a portfolio valued at around €503 mln, said the purchase is in line with its strategy to focus on prime assets with a strong value-creation potential over the long term.
