EQT Real Estate expands French portfolio with 13,600 sqm office investment in Paris

  • EQT Real Estate’s third acquisition in Paris – a 13,600 square metre office property for a price in excess of EUR 70 million

  • The property, located in the 13th arrondissement, offers attractive value add opportunities through partnerships with existing tenants and the potential to upgrade in future

  • The investment represents EQT Real Estate’s sixth investment to date

The EQT Real Estate I fund continues to invest in established European office markets and today announces the acquisition of a multi-let office property located at Rue du Chateau des Rentiers in Paris. The seller is an affiliate of Jerusalem Economic Corporation, an Israeli stock exchange company.

The 13th Arrondissement is an attractive mature area predominantly occupied by French and international institutional tenants. The site is within close proximity to key Metro lines and the area has benefitted from strong investment in recent years. The asset, built in 1987, comprises of 13,600 square metre of office and storage space, a corporate restaurant and 245 parking spaces. The property is fully let to tenants at competitive rents.

Olivier Astruc, Director at EQT Partners and Investment Advisor to EQT Real Estate I, says: “Rue du Chateau des Rentiers presents a rare opportunity to upgrade an historic office site in an attractive inner Paris location. This acquisition further underpins our investment strategy to deliver grade A assets fit for modern occupiers and institutional investors”.

Robert Rackind, Partner and Head of EQT Real Estate at EQT Partners and Investment Advisor to EQT Real Estate I continues: “The Rue du Chateau des Rentiers investment is exactly what EQT Real Estate is all about – underinvested assets in European gateways cities with several value add angles. We see more opportunities than ever for the fund to continue on this successful track and take advantage of the sustained global demand and local needs that exists in these markets”.

EQT Real Estate I was advised on the acquisition by investment advisors Syzygy Advisors, notaries Lasaygues & Associés, acquisition and debt lawyers Ashurst, structuring advisors Arsene Taxand, capital market advisors Savills, technical advisors JLL Project & Development Services and project managers (AMO) Builders & Partners. Etoile Property Management will be property manager for the asset. Aareal Bank financed the acquisition and was advised by notaries Allez and lawyers De Pardieu Brocas Maffei. The vendor was advised by its asset manager Etoile Property Services and by Maitre Virginie Jacquet, 1768 Notaires.

Contacts

Olivier Astruc, Director at EQT Partners, Investment Advisor to EQT Real Estate I , +44 20 8432 5426

Robert Rackind, Partner and Head of EQT Real Estate at EQT Partners and Investment Advisor to EQT Real Estate I, +44 207 430 5555

EQT Press Office +46 8 506 553 34

About EQT

EQT is a leading alternative investments firm with approximately EUR 37 billion in raised capital across 24 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About EQT Real Estate I

EQT Real Estate I will seek to make direct and indirect controlling investments in real estate assets, portfolios and operating companies that offer significant potential for value creation through repositioning, redevelopment, refurbishment and active management. The investments will typically range between EUR 50 million and EUR 200 million. The fund is advised by an experienced team from EQT Partners, with extensive knowledge of property investment, development and intensive “hands-on” asset management, and with access to the full EQT network, including 10 European offices and more than 250 industrial advisors.

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