The EPISO 3 opportunity Fund advised by pan-European real estate investment manager Tristan Capital Partners, has sold a 12,000m² office building on the Perigares business campus in Fontenay-sous-Bois, east of Paris, to BNP Paribas REIM, on behalf of SCPI Accimmo Pierre, a French regulated vehicle. The terms of the transaction are not being disclosed.
The property is fully occupied by a French government agency on a recently signed, long, institutional lease. It is located adjacent to the A86 outer Paris ring road and close to the existing RER station of Val- de-Fontenay, which will be a stop on the inner suburban orbital line planned under the Grand Paris project.
Jean-Philippe Blangy, Head of Asset Management, at Tristan Capital said: “This successful disposition demonstrates our capacity to invest in growing and maturing sub-markets where we see value creation opportunities. At the time of acquisition, the single lease had a short residual duration to expiry, which we subsequently renegotiated. Since purchase, Val de Fontenay has seen numerous relocations, as shown by Societe Generale moving several thousand workers into its newly delivered Dunes Campus across the road from the asset.”
Guillaume Delattre, Deputy General Manager of BNP Paribas REIM France said: “The acquisition of this secured asset completes BNP Paribas REIM’s consolidation of the office complex at the heart of a maturing business district, as we have owned the other two buildings, Perigares A and B, since 2016 and 2012.“
