Valad Europe has acquired the Crystal Portfolio of two office and two industrial buildings for €33.8m. The purchase was made on behalf of its Valad European Diversified Fund (VEDF).
Totalling 41,301m² of office and light industrial space, the Crystal Portfolio comprises four assets located in Combs la Ville and Lisses in greater Paris; Schiltigheim in greater Strasbourg, and Dardilly in greater Lyon. The assets were all constructed between 2005 and 2008, and the portfolio’s current 25 tenants include a mix of national and international companies including Crédit Agricole, Siemens, Manpower and Orange.
Karl Delattre, Valad Europe's head of France, commented: “The ability to deploy capital smartly and swiftly is of increasing importance in current markets, especially in order to secure maximum value from high quality off-market portfolios and individual assets. Our team did an excellent job in sourcing and executing this transaction, dealing directly with the landlord throughout. The Crystal Portfolio further increases our exposure to the office sector and provides greater diversity for our French portfolio, as we continue to deploy capital into the market.”
Valad Europe manages €5.3bn of real estate assets and investment capacity across its 27 funds and mandates in Europe, with approximately 35 assets in France, accommodating 500 tenants, occupying approximately 480,000m² of space.
