Catalyst Capital has acquired a portfolio of four office buildings, let to Airbus, in Toulouse for €100m for its Catalyst Core Plus European Property Fund (CCPEPF). The four properties, which total 47,000m², have been acquired from Real I.S. Group at a net initial yield of 6.2%. They are located in the area of Toulouse-Blagnac Airport, one of the major hubs in Europe for the aerospace and aeronautic industries and home to the headquarters of Airbus.
The airport is set to benefit from significant infrastructure improvements, including the arrival of a new metro line in 2024, a new airport terminal, which opened at the end of last year and a new 80,000m² exhibition centre in 2020.
Fabrice de Clermont-Tonnerre, partner of Catalyst Capital, said: “This exceptional portfolio of strategically-located assets provides stable, long-term income, with the potential for value enhancement through capital expenditure and improved public infrastructure and transport."
“The four buildings in Toulouse are held by a closed-ended fund of private investors which has now arrived to its term. It offers an attractive return for the shareholders in a context where the French regional market is very strong,” commented Catherine Luithlen, Managing Director of Real I.S France. “Let by Airbus, these assets change hands but keep the same stable and long-term income for Catalyst Capital”.
