- The transaction represents EQT Real Estate’s fourth acquisition in Paris – a 9,050 square metre vacant office property for a price of EUR 42 million
- The property is located on rue Mozart in Clichy Saint-Ouen, North Paris, less than 200 metres away from a new Metro station due to open in 2020
- The investment represents the EQT Real Estate I fund’s ninth investment to date
The EQT Real Estate I fund (or “EQT Real Estate”) continues to invest in established European office markets and today announces the acquisition of a vacant office property located in Clichy Saint-Ouen, North Paris. The property was acquired from a French pension fund advised by investment manager AEW.
Clichy Saint-Ouen is a mature sub-market in Paris with strong transport links. It will be further improved by the extension of Metro line 14 in 2020, which will place it just three stops from Paris’Central Business District. The asset, built in 2001, comprises 9,050 square metres of office and storage space, and 199 parking spaces. The property is fully vacant and has been recently stripped out. The acquisition aligns with the firm’s strategy to focus on gateway cities with strong demographics driving sustainable GDP and office-based employment growth.
Olivier Astruc, Managing Director at EQT Partners and Investment Advisor to EQT Real Estate I, says: “This investment in Clichy, North Paris, further demonstrates the strategy to create modern offices suited to occupiers’ needs for affordable and accessible grade A office space. EQT Real Estate has now completed four transactions in Paris, building a portfolio exceeding 60,000 square metres and EUR 500 million in gross development value. We continue to see strong demand from institutional investors, and EQT Real Estate’s strategy will allow us to continue to unlock value in key European sub-markets.”
During the acquisition process, EQT Real Estate I was advised by Savills, George V Notaires, De Pardieu Brocas Maffei, JLL Project & Development Services and Beadmans. Funds managed by ACOFI Gestion financed the acquisition, advised by Etude Panhard and Allen & Overy. The vendor was advised by Prud’homme & Baum and investment manager AEW.