PARISIAN PROPERTY PARTNERS (PPP), a commercial property fund based in Luxembourg with Irish investors, has acquired its first property in France. The property is located near Paris at Bièvres (Essonne) Zone Burospace â" Route de Gisy and was previously owned by the Franco-American investment fund EPP TIGRE.
The property's primary use is as offices and ancillary activities and it extends to 3,818 sq m with more than 120 car parking spaces. Current tenants are the Belgian company Telindus and the French company Ateme.
The purchase price is 4.870.000 ⬠with a total annual rent of 462,850 â¬.
King Sturge Group acted for the purchaser.
PARISIAN PROPERTY PARTNERS (PPP) is now looking to acquire further office and/or ancillary activities investments in the coming months.
PARISIAN PROPERTY PARTNERS (PPP) was advised by Richards Butler law firm (Mike Mackenzie-Smith, Edouard Vitry and Joanna Klat) on the property and finance aspects and by Le Breton & Associés, notaries (Jean-François Le Falher) on the notarial aspects. EPP TIGRE was advised by Me Strock notary.
Source: Richards Butler