Weinberg Capital Partners, a Paris-based buyout and real estate investor, has taken full control of the company owning the Passage Jouffroy shopping gallery at boulevard Montmartre in Paris' ninth arrondissement.
Weinberg Capital Partners, a Paris-based buyout and real estate investor, has taken full control of the company owning the Passage Jouffroy shopping gallery at boulevard Montmartre in Paris' ninth arrondissement.
Financial details were not disclosed.
The transaction was carried out on behalf of the Capital Pierre Diversifié OPCI investment fund, which is owned by Weinberg Real Estate Partners fund II, which closed in June 2014 with €200 mln of equity commitments.
Located in the centre of Paris, Passage Jouffroy is listed as a historical monument and provides around 30 shops, two hotels as well as office accommodation on the first floor. The building has been owned by private firm La Société du Passage Jouffroy since construction in 1844. The firm also owns a dozen other retail stores and an office building in Paris.
The buyer was advised by Ares and Wargny Katz while the vendors were represented by Fidal and Real Stone as well as IDMidCaps.
The deal is part of Weinberg's plans to grow its property platform. In January the company also acquired the French operations of Captiva Capital Management. Led by Emeric Lacourte, Captiva's Paris-based asset management business has €300 mln in French real estate assets under management.
