Global private equity firm, The Carlyle Group has completed the acquisition of two mixed use residential/retail buildings in Paris. The properties form the part of the 231 million "Maheu" portfolio of 11 buildings that has been put up for sale by a French social security agency. Both buildings are located in prestigious neighborhoods of the capital.
The second property comprises approximately 3,907 m² of mixed use space of which 2,067 m² is residential and 964 m² is office space. The remaining 876 m² is retail. The building is located at 18, rue Marbeuf in the 8th arrondissement of Paris.
Carlyle intends to undertake a number of asset management initiatives which will primarily comprise light refurbishment works to improve the property for current tenants and future occupiers.
Throughout the refurbishment phases, Carlyle will consider selling the buildings either together, as individual properties or by offering the joint residential tenancies, the office space and the retail elements as separate lots. Emerige, a leading developer and manager of real estate assets in France, has been appointed to partner Carlyle in its marketing strategy for the two buildings.
Both acquisitions were financed by Société Générale and Crédit Mutuel.
Agnès Riban, co-head of acquisitions in France for Carlyle Real Estate, comments: "Carlyle has traditionally focused its real estate investment strategy primarily on the acquisition and development of office properties and, whilst this remains a key sector for us, the acquisitions we have announced today underline Carlyle's strategy of investing in a more diverse range of real estate assets both in France and across Europe. We are very happy to be able to conclude this acquisition so soon into 2010 and hope to be able to announce further such transactions in the near future."