The Carlyle Group has announced that Carlyle Europe Real Estate Partners has signed a purchase agreement of a portfolio of 34 real estate assets from La Banque de France. The assets are based across France in secondary cities. The majority of the assets have beautiful and high quality architecture and are based in the heart of the cities in excellent locations.
The average area of the 34 assets is 1,800 m2 and the buildings have been used as offices and residential space, including large basements and retail ground floor, courtyards and gardens. All the properties are currently vacant.
Carlyle Europe Real Estate Partners has appointed Ad Valorem to be the asset managers of the portfolio after the acquisition has closed. Carlyle Europe Real Estate Partners plans to sell many of the properties on a single asset basis immediately, and will also conduct works on some to transform the buildings into apartments, or more retail or office space.
Carlyle Europe Real Estate Partners is investing in the French portfolio through its second European real estate fund, Carlyle Europe Real Estate Partners II which has 760 million in equity committments. Carlyle recently acquired the Schlumberger campus in Montrouge for 185 million, and rue du Bac/rue de lUniversité from the French state for 165 million. Since 2003, Carlyle Europe Real Estate Partners has acquired four portfolios in Europe to date, including the Jupiter, Venus and Poseidon portfolios in Italy, and the Roller portfolio in Germany.
Marc Demumieux, Director of The Carlyle Group said, We are delighted to have achieved the acquisition of this portfolio from La Banque de France and look forward to working with Ad Valorem as the asset managers. The portfolio consists of many properties with good potential for refurbishment and renovations and are located all across France.
Carlyle Europe Real Estate Partners was advised by the Notary Thierry Vachon and Ad Valorem.
The locations of the properties include:
Haguenau, Briey, Verdun, Epernay, Dreux, Montargis, Fontainebleau, Meaux, Saint-Germain-en-Laye, Mantes-la-Jolie, Soissons, Abbeville, Armentières, Lisieux, Vernon, Cognac, Dinan, Flers, Fougères, Granville, Les Sables dOlonne, Libourne, Marmande, Pontivy, Rochefort-sur-Mer, Saint-Malo, Saint-Nazaire, Saumur, Pontarlier, Thonon-les-Bains, Villefranche-sur-Saône, Annonay, Orange, and Sète.
Source: The Carlyle Group