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