MGPA and CarVal Investors acquire 'Upsilon' building and launch office space development (UK/FR)

MGPA, the independent private equity real estate investment advisory company, is pleased to announce that on behalf of MGPA Fund III and CarVal Investors, it has acquired Upsilon in Malakoff (92) and signed a construction contract with French developer Immobilière Ile de France (IIDF).

AERIEN Upsilon

Upsilon is due to be completed by mid-2013.

The building, designed by the architectural firm Arte Charpentier, is located on 10 rue Raymond David. It will provide approximately 17,000 m² of office space, archives and RIE, with 388 parking spaces. All administrative approvals have been granted and Upsilon will be completed by mid-2013, certified by HQE and labelled by BBC.

Located 1 km from the ring road, close to the metro line 13 and Transilien (train), the building will accommodate free standing luxury offices, on the large surface of approximately 3,000 m².

Laurent Luccioni, MGPA CEO for Europe and Robert Balick, Senior Managing Director of CarVal Investors, both commented that: "This acquisition reflects the investment strategy of MGPA and CarVal Investors, based on a thorough analysis of the lack of quality offer for office users in key European markets such as Paris.

"Upsilon will appeal to tenants looking for large, modern grade-A space with competitive occupancy cost and good connectivity, while staying within 1 km from Paris."

The transaction is financed by Natixis and Credit Foncier de France. The investment was proposed to MGPA and CarVal Investors by Solly Gubbay Consultants.

Source: MGPA

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