Anglo-French joint venture acquires a portfolio of four Paris office buildings
LBO France and Maple Knoll Capital have bought a total of 60,000m2 of office space in four locations for an undisclosed sum. LBO France will take control of a 17,000m2 building in Saint-Ouen, currently rented to Alstom Transports. Maple Knoll will manage the other three buildings in Velizy, Ivry-sur-Seine and Gentilly.
London-based Maple Knoll’s primary focus is on real estate investment opportunities. This transaction is its first foray into the French commercial property market, following the recent acquisition of an office building in Munich.
LBO France currently holds €4 billion of assets. The acquisition is part of its strategy to take advantage of the improving French commercial property market. It is the third in a series of deals in 2014 that includes the purchase of the 10,000m2 Le Cap office building in Paris’s La Défense business district.