Tristan Fund Acquires Iconic Northwest Paris Office Campus for c.€175m
Source: Tristan Capital Partners Press Release
17 February 2022, London: CCP 5 L.L, a fund managed by Tristan Capital Partners, has acquired the iconic Ateliers du Parc office campus located in the city centre of Clichy, in Paris’ Northwest first ring, from Deka Immobilien Investment for c. €175m.
The property, located on its own street block, comprises four office buildings delivering 32,600 sq m of grade A workspace, situated opposite an attractive 6-acre park/square. The buildings, which sit on a 9,000 sq m land plot, feature notably Eiffel style façades and are 80% let to Amazon and Simone Perele.
L’Etoile Properties has acted as the operating partner during the acquisition process and will continue in the implementation of the asset management strategy.
Thibault Ancely, Managing Director – Investments at Tristan Capital Partners, said: “Les Ateliers du Parc further strengthens our portfolio in Paris, delivering high-quality, amenitised office space in an urban location which benefits from significant outside space and strong transport connections. Through our active asset management, we will enhance the ESG credentials of the buildings and finalize the leasing activities alongside our operating partner to drive income growth. This transaction is our tenth over the last 18 month’s taking our assets under management in France to c. € 1.2bn across office, logistics and retail and we are actively assessing opportunities to continue to grow our portfolio.”
Guillaume Unglik, Managing Director at L‘Etoile Properties - a Sienna Investment Managers company, added, “We are delighted that our French team has completed its first transaction with Tristan Capital Partners and we look forward to working together to maximise the value of such an iconic property.”
Tristan Capital Partners was advised by Lacourte Raquin Tatar, Etude Oudot, Racine, Theop and Longevity. Deka Immobilien Investment was advised by C&C Notaires, LPA-CGR, Fidal, JLL and Bnppre.