DTZ Asset Management, the 80%-owned management arm of DTZ, is in final negotiations to acquire a prime office building in Paris for a yield of over 6.5%, Francois Brisset, co-founder of DTZ Asset Management, told PropertyEU in an interview at Mipim. Brisset said he hopes to close the acquisition by the end of April or beginning of May. The transaction price is around EUR 40 mln. Brisset would not disclose the seller.
DTZ Asset Management, the 80%-owned management arm of DTZ, is in final negotiations to acquire a prime office building in Paris for a yield of over 6.5%, Francois Brisset, co-founder of DTZ Asset Management, told PropertyEU in an interview at Mipim. Brisset said he hopes to close the acquisition by the end of April or beginning of May. The transaction price is around EUR 40 mln. Brisset would not disclose the seller.
Brisset also said that the company has been hired by an American bank to manage the repossession and subsequent sale process of a EUR 60 mln commercial real estate portfolio. While he would not disclose the name of the troubled property owner, Brisset said the portfolio consists of 15 office properties across France.
'It's the first time in France that an asset manager is being appointed to manage the sale of a portfolio repossessed by banks after the owner failed to meet debt commitments,' he said.
