Tuesday, 13 January 2015
Cofinance SAS acquires real estate in Montmartre, Paris for €35 mln (FR)
A private family sold to Cofinance SAS and a pool of national and foreign investors gathered by Cofinance, a mixed-use real-estate ensemble located at 100-104 Boulevard de Clichy in the 18th arrondissement of Paris.
The ensemble consists in several composite buildings, and develops a useful area of 5900 m², mostly in residential use and the remainder in commercial use.
The project consists in the upgrade of this Parisian real estate ensemble, embracing the City of Paris residential policy.
The overall budget of the operation is, refurbishment included, in the €35 mln area. To this end, Cofinance SAS and Aquila Asset Management teamed up their resources and skills in a joint venture asset management company, currently dedicated to this operation.
Alexandre Beaubat, Investments Director of Cofinance SAS since January 2014, comments: “This operation inks Cofinance SAS return in the investment market, and perfectly illustrates the new management strategy to acquire value add operations between €10 mln and €50 mln, alone or with partners.”
Aquila Asset Management adds: “This complex operation, requiring an intensive asset management, exactly corresponds to Aquila Asset Management’s know how. Its completion with Cofinance SAS is in line with the development strategy of the company, based on long term partnerships with French and international opportunistic funds and family offices.”
Source: Cushman and Wakefield