PARISIAN PROPERTY PARTNERS (PPP), a commercial property fund based in Luxembourg with Irish investors, has acquired its first property in France. The property is located near Paris at BiÃ¨vres (Essonne) Zone Burospace â" Route de Gisy and was previously owned by the Franco-American investment fund EPP TIGRE.
The property's primary use is as offices and ancillary activities and it extends to 3,818 sq m with more than 120 car parking spaces. Current tenants are the Belgian company Telindus and the French company Ateme.
The purchase price is 4.870.000 â¬ with a total annual rent of 462,850 â¬.
King Sturge Group acted for the purchaser.
PARISIAN PROPERTY PARTNERS (PPP) is now looking to acquire further office and/or ancillary activities investments in the coming months.
PARISIAN PROPERTY PARTNERS (PPP) was advised by Richards Butler law firm (Mike Mackenzie-Smith, Edouard Vitry and Joanna Klat) on the property and finance aspects and by Le Breton & AssociÃ©s, notaries (Jean-FranÃ§ois Le Falher) on the notarial aspects. EPP TIGRE was advised by Me Strock notary.
Source: Richards Butler