CB Richard Ellis Investors announces second purchase in France for Pan European Core Fund (FR)

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 business park, Central Parc, from a private investor. This transaction, arranged by Savills, is the PEC Fund's second acquisition in France and third acquisition in Europe.

Central Parc is a business park located at 255, boulevard Robert Ballanger in Villepinte and in the vicinity of the Paris-Charles de Gaulle airport. The asset comprises eight buildings with a total area of 29,000 m² built on 107,000 m² of land. The park is let to 35 tenants.

Grégoire Lecomte, Director in the Industrial & Logistics department with Savills, notes that, "this is the largest sale in this asset class in France in over a year".

This third transaction for the Fund follows on from the purchase of an office asset in the West End of London and of a prime light industrial asset in Paris Nord 2. It 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 Director of CB Richard Ellis Investors and Managing Principal of the Fund, commented: "The PEC Fund now owns two assets near the Paris-Charles de Gaulle airport, a prime light industrial asset and a business park. These assets offer at the same time a complementarity of formats and a diversification of revenues."

Ashurst, Ernst & Young and Savills acted for the PEC Fund, and Wragge & Co and Inocencio acted for the seller.

Source: Citigate Dewe Rogerson

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