GE Commercial Finance Real Estate France (GE) has acquired Foncière Ariane and GAGI, its 100% owned asset management company based in Toulouse, from GA (ex Giraudy Auffèvre). GA's shareholders are DB Real Estate Global Opportunities Fund, Five Mounts Properties and Highridge Partners.
The consideration for the acquisition was not disclosed.
Through the acquisition, GE has acquired 85 buildings on 71 sites which generate a rent of approximately 25 million per annum. Half the portfolio is office buildings, with the remainder equally divided between industrial, retail and logistics assets. The assets are located in Toulouse, Roissy, Saint Quentin, Lyon and Strasbourg.
Following the transaction, GA's shareholders will retain their holding in GA's construction and development companies.
François Trausch, President of GE Commercial Finance Real Estate France, commented: "This acquisition demonstrates GE's ongoing appetite to pursue its growth in France. With the addition of these assets we will secure not only the increased geographic diversification of our existing portfolio but also add valuable resource and local expertise to our team. The excellent balance of this portfolio, well rooted in French regions, particularly in Toulouse, is in-line with our long term investment strategy in France."
Lazard Frères, Deutsche Bank and Freshfields Bruckhaus Deringer advised GE. Catella, Clifford Chance, Taj and Deloitte Touche Tohmatsu advised the vendor.
Source: Freeman News