CB Richard Ellis Investors, the global real estate investment management firm, has announced that its CB Richard Ellis Investors Pan European Core Fund (PEC Fund) has acquired a prime light industrial asset in Paris Nord 2 for 15.2 million from Sophia GE, an affiliate of GE Real Estate. This is the PEC Fund's first acquisition in France and second acquisition in Europe.
This second transaction for the Fund follows the purchase of an office asset in the West End of London and is in line with the Fund's long-term investment strategy. This open-ended Fund targets core investments across Europe with a strong emphasis on long-term secure income in the retail and industrial sectors. The Fund has a lower weighting towards the office sector and targets those markets where the rental levels are below long-term trends.
Richard Everett, Managing Principal of the Fund, commented: "Our combined Fairval approach and research-based sourcing methodology highlighted northern Paris logistics as a key target market for investment. This second acquisition is in line with our objective of investing in modern, highly specified real estate that is underpinned by sound research-backed fundamentals."
Ashurst, Etude Flusin & Associés and DBX Conseil acted for the PEC Fund, and Etude Thibierge & Associés acted for Sophia GE.
Source: Citigate Dewe Rogerson