Curzon Global Partners/AEW Europe together with Cleaveland Asset Management have jointly purchased a EUR 146 mln portfolio of 32 French office assets. The portfolio was acquired from Credit Agricole Asset Management on behalf of the EUR 800 mln European Property Investors Special Opportunities Fund (EPISO) recently raised by Curzon/AEW Europe.
Curzon Global Partners/AEW Europe together with Cleaveland Asset Management have jointly purchased a EUR 146 mln portfolio of 32 French office assets. The portfolio was acquired from Credit Agricole Asset Management on behalf of the EUR 800 mln European Property Investors Special Opportunities Fund (EPISO) recently raised by Curzon/AEW Europe.
‘This is an attractively-priced and defensive portfolio that should perform well even in challenging economic times,’ said Rob Reiskin, head of investments at Curzon/AEW Europe.
The overall occupancy for the portfolio acquired exceeds 85%, Curzon/AEW said. The approximate 62,000 m2 surface area is located 10% within central Paris, 67% in the Parisian suburbs, and 23% in the rest of France.
EPISO focuses on investment themes such as broken initial public offerings (IPOs), resource-constrained owners, operators or fund sponsors of real estate assets, distressed property assets and situations as well as direct property with value-added potential.
The purchasers were advised by l'Etude Notariale 14 Pyramides and the law firm Gide, Loyrette & Nouel. The seller was represented by the investment team at Jones Lang LaSalle, CBRE, Atis Real and Escargeuil/Bouvat-Martin and law firm Winstow & Strawn.
