Custom House Capital, the Irish wealth management company, has bought three French offices to kick start its new fund.

The three French properties include two office blocks in Paris, in the Issy-les-Moulineaux business area, which will be placed in its new fund - CHC Prime Property Fund 2.

The third property is an office and retail block in Le Havre. The purchase price for the three buildings is around €135.8m (£94.8m).

New fund

Custom House has launched the new fund, aimed at wealthy individuals, this month with a total of three French properties - the Issy-les-Moulineaux buildings in Paris and an office property in Marseilles. The fund will also include a shopping centre near Munich.

Custom House purchased the Issy-les-Moulineaux offices from AXA and French company SefriCime.

The two buildings - known as Panorama Seine and Dockside-are an eight storey and a two storey office development respectively and are both due to complete in 2008. The purchase price of €108m (£75.4m) represents a yield of 4.6% and a net yield of 4.2%.


The two buildings are 100% pre-let to Sodexho Alliance on a 12-year fixed lease.

The office building in Le Havre, called Le Colbert, is a six storey mixed use office and retail building and Custom House paid E27.8m (£19.4m), representing an initial yield of 6.26% and a net initial yield of around 5.68%.

Knight Frank Ganly Walters advised Custom House Capital at Le Havre.