Property investment manager Curzon Global Partners and Cleaveland Asset Management have bought a portfolio of French offices for E145.6m (£113.2m).
The portfolio of 32 properties has been bought on behalf on the recently-raised E800m (£638m) European Property Investors Special Opportunities fund, which is targeted at taking advantage of cheaper property prices in the downturn.
Curzon, an affiliate of European investment manager AEW Europe, and Paris-based Cleaveland have bought the 667,000 sq ft portfolio from Credit Agricole Asset Management.
The offices are 85% occupied with 10% of the portfolio in central Paris, 67% in the Parisian suburbs and 23% in the rest of France.
Curzon and Cleaveland were advised by L’Etude Notariale 14 Pyramides and Credit Agricole was advised by Jones Lang LaSalle, CB Richard Ellis, Atisreal and Escargeuil/Bouvat-Martin.
The deal follows Curzon’s purchase of a £140m UK portfolio with Manish Chande’s Mountgrange from Prupim at the end of August.
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