Tristan Capital Partners’ CCP 5 fund has paid Deka Immobilien Investment about €175 million for the Ateliers du Parc office campus in Clichy city centre which lies in Paris’ northwest first ring.
The iconic property, which occupies an entire city block, comprises four office buildings which provide a total of 32,600 sq m of space opposite a 6-acre park. The buildings, which have Eiffel-style façades, are 80% let to Amazon and lingerie company Simone Pérèle.
L’Etoile Properties acted as the operating partner during the acquisition process and will continue in the implementation of the asset management strategy.
“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,” said Tristan Capital Partners’ managing director, investments, Thibault Ancely. He added that Tristan will enhance the asset’s ESG credentials through active asset management.
“This transaction is our tenth over the last 18 months, taking our assets under management in France to about € 1.2 billion across office, logistics and retail and we are actively assessing opportunities to continue to grow our portfolio.”