Europa Capital, in joint venture with Balzac REIM, has completed contracts on the latest acquisition for its pan-European investment fund, Europa Fund IV, purchasing the 5 Quai Marcel Dassault office building in Suresnes, France.
5 Quai Marcel Dassault is situated on the banks of the River Seine in Suresnes, some 3kms to the South of La Defense, Europe’s largest office district. The property, originally constructed in 2003 on the site of the former Blériot Aéronautique factory, comprises 12,400 sq m of office accommodation arranged over ground and 4 upper floors around a landscaped open atrium, and provides typical floor plates of circa 3,000 sq. metres with a clear floor to ceiling height of 2.65 metres and full-height fenestration. There is also an employee restaurant (264 seats) with separate VIP dining areas, a cafeteria and concierge service. Car parking for 512 cars is provided over 3 basement levels, representing an excellent ratio of 1:25sqm. The building benefits from an extensive frontage to the River Seine, enjoying panoramic views from its extensive roof terraces across the Bois de Boulogne to Paris.
The building is currently 85% leased generating €3.70m per annum, reflecting a blended headline office rent of €280 per sq.metre, with circa 80% of the income secured against the substantial covenant of Airbus Group SAS who have occupied the Property since its construction in 2003. The other occupiers are Waycom Group and Dassault Aviation.
Europa was advised on the acquisition by Balzac REIM, who will be retained as Asset Manager, together with Dentons and notary Le Breton & Associes, while Catella and notary Wargny Katz & Associes represented the seller.
Nic Fox, Partner and Head of the Middle Europe region at Europa Capital, commented: “This represents an opportunity to acquire a well-located, significantly-rented, modern office property with an attractive combination of secure income and value-add potential. We will look to strengthen the current income profile, lease-up the vacant space and enhance the building’s amenities by investing in a light refurbishment of the common parts”.
For further information, please contact:
Gordon Simpson, Finsbury PR: + 44 20 7251 3801Nic Fox, Europa Capital Partners +44 20 7881 6800
About Europa Capital:
Europa Capital is an established real estate fund management group operating across Europe adding value through risk-based acquisition strategies and active asset management on behalf of its investors. Since 1995, Europa Capital has collectively raised nine real estate funds and committed to over 90 transactions totalling some €9.0 billion across 19 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Further information can be found at www.europacapital.com