Monday, 11 May 2015
Valad Europe acquires €25 mln Marseille office for VEDF (FR)
Valad Europe, the leading diversified real estate investment manager, has acquired two office buildings in Marseille for €25 mln on behalf of its Valad European Diversified Fund.
Constructed in 1994 and collectively known as “Thyrapolis”, the asset comprises 10,600 m² of office space divided between two buildings: the 8,300 m² “Thyrapolis”; and the 2,300 m² “Sainte-Barbe”. Both buildings have been refurbished, Thyrapolis in 2011 and Sainte-Barbe in 2014. The buildings are leased to two French public institutions.
Karl Delattre, Valad Europe’s Head of France, commented: “We believe Thyrapolis has strong value add potential and its high quality covenant and secured tenants make it an excellent investment. As well as being close to the established Euromed commercial zone, it is located in the heart of an area earmarked for wider investment that will include residential development, a university library and a large urban park.”
The Valad European Diversified Fund is a €1 bln fund which employs leverage between 50 - 65%. The Fund invests in Core Plus / Value Add assets in the UK, Germany and France with individual lot sizes between €5 - €50 mln, across the office, retail and industrial distribution warehouse/smaller logistics sectors.