Quilvest Real Estate, the real estate investment arm of Quilvest Private Equity, has acquired Le Clarté, a 5,200-m² office building in the peri-Defense area in the north-west of Paris, from Aviva Investors Real Estate France. Quilvest Real Estate will work with the operating partner Freo France. Financial terms of the transaction have not been disclosed.
Le Clarté is a multi-let office building comprising nine floors (including two underground) and is currently over 70 % let. The building is located within Rueil 2000, one of the strongest office submarkets within the peri-Defense area of north-west Paris, and is 150 meters away from the RER A train station linking the area to La Defense.
Patrick Laroche, CIO Europe & Asia at Quilvest Real Estate, commented: “We are pleased to announce our first direct acquisition of French real estate. France, and particularly Île-de-France, is a competitive market, however, there are still attractive investment prospects with good asset management potential. Le Clarté itself benefits from strong fundamentals, such as its flexible building layout, good condition and proximity to La Defense. It also offers an opportunity for leasing and capex improvements which, once undertaken, will make it an appealing asset for future buyers. Quilvest intends to pursue further investments in French real estate as part of its pan-European acquisition strategy. We continue to actively deploy capital in properties that offer value-add potential.”
