Tristan acquires €92m office portfolio in Paris (FR)

Tristan acquires €92m Paris office portfolio

The CCP 5 Long-Life core-plus style fund advised by Tristan Capital Partners, acting together with STAM Europe, has acquired an 18,223m² portfolio of three renovated office buildings in Paris, France for c. €92m. The vendor is a fund managed by Catalyst Capital. STAM Europe will act as asset manager for the portfolio.

 

Located in Rueil Malmaison within two minutes walk of the area’s RER fast urban train station, the complex benefits from a close proximity to La Defense. Originally developed in 1992, the assets were refurbished from 2013-2018 by the previous owners for a total cost of €16.4m, including complete lobby and floorplate refurbishment.

 

Cecile Champy, Executive Director at Tristan Capital Partners, said: “Rueil is the second largest office sub-market of the Peri-Defense business district and is a good alternative for companies that want easy access to Europe’s single biggest business cluster. The three offices acquired have been extensively refurbished over the past five years and offer a good quality modern environment. This transaction brings Tristan’s assets under management in France to €400m, a position we want to continue building on.”

 

“Atria is a quality asset, stabilised in its market, with a good mix of in-place tenants. We believe this investment will be a great addition to the core-plus portfolios of CCP 5 LL and STAM Europe and we are looking forward to managing the properties to maximize and secure the future rental income,” commented Maud Wargny, Acquisitions Director at STAM Europe.

 

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