PARIS-CB Richard Ellis Investors has acquired a light industrial building here for $20 million for its Pan European Core Fund. The 185,000-square-foot facility was purchased from Sophia GE, an affiliate of GE Real Estate.
The building is fully leased to Banque Magnetique, a French distributor of consumer electronics and IT peripherals. At 99 Avenue de la Pyramide, the building is within the Paris Nord 2 international business park, which is in the Roissy Charles de Gaulle airport market.
This is the fund’s first acquisition in France and the second purchase in Europe, following an office building buy in the West End of London. According to CBRE, the fund targets core investments across Europe with a strong emphasis on long-term secure income in the retail and industrial sectors.
Richard Everett, managing principal of the fund, said in a statement that the firm’s methodology highlighted northern Paris logistics as a key target for investment. However, the fund has a lower weighting toward the office sector, and targets those markets where the rental levels are below long-term trends, Everett said.
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