Carlyle Europe Real Estate Partners and GECINA today announce that they have agreed the signing of a sale option of Valmy, a newly developed office building in Montreuil close to Paris 20th, an investment higher than €130 million. The transaction is expected to close within the next four weeks.
Carlyle Europe Real Estate Partners agreed to acquire the property in April 2004 while it was still under construction as a turnkey development. The property is a 7-floor office building consisting of 29,500 m². It is located close to the peripherique ring road in Montreuil, east of Paris. The construction was developed by Meunier, a division of BNP Paribas Immobilier. The acquisition was completed at the time of delivery of the building in February 2006. The building is currently 25% leased to a state-owned company with a 12 year lease.
Carlyle Europe Real Estate Partners invested in Valmy through its first European real estate fund, Carlyle Europe Real Estate Partners I, a €430 million fund. The second fund, Carlyle Europe Real Estate Partners II, a €760 million fund, is now being invested.
Other sales completed by Carlyle Europe Real Estate Partners include five other office buildings in Paris, an office building in Milan, a portfolio of seven retail centres in Germany, 217 properties from the Poseidon portfolio in Italy, 22 properties from the Jupiter portfolio in Italy, and two from the Venus portfolio in Italy.
Source: Carlyle Europe Real Estate Partners