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2022-01-25 9:12 CET, Europe, France, Germany | Property Investment Management | Press release

Catella Real Estate AG acquires from AMUNDI a 4,415 m² office building in Levallois-Perret near Paris for the sustainable fund "Sarasin Sustainable Properties - European Cities”

Munich, 25 January 2022: Catella Real Estate AG (CREAG) has acquired "Le Malraux" office building in Levallois Perret, which measures around 4,415 m², from Amundi Real Estate for the "Sarasin Sustainable Properties - European Cities" (SSP) sustainability fund. The SSP fund is a product of CREAG in cooperation with Bank J. Safra Sarasin Ltd. The current acquisition increases the fund's assets under management to over EUR 700 million.

"Le Malraux" office building, located 20 Avenue André Malraux (Levallois-Perret), has a leasable area of 4,415 m². It benefits from the metro station “Pont de Levallois-Bécon” of line 3 and mutilple bus lines situated only about 350m away from the property. Within walking distance of the property are various services, retail and grocery stores, and numerous dining options.

The property, which was built in 1991 and has been gradually modernized since 2015, is L-shaped and offers many flexible space design options. All of the building's services have been upgraded through  the creation of an accessible terrace, the renovation of the RIE and  shared and collaborative meeting rooms. Each floor can be rented out individually and can also be divided into two separate rental units each, which makes it possible to rent out to different tenants. CREAG is planning further modernizations in the building, especially in the area of sustainability.

The building is fully leased to three tenants and the largest one, Alliance Automotive Group, holds over 75% of the space.

Levallois Perret is located northwest of Paris, adjacent to the 17th arrondissement. It is part of the Neuilly-Levallois-Perret business district, the third largest business district in the Paris region, which is home to some 18,400 companies, with more than 103,000 employees, occupying around 1.4 million m² of office space. This economic hub hosts numerous head offices and large companies in multiple industries such as insurance, banking, media, consulating and cosmetics.

Due to its proximity and good transport links to the capital, Levallois Perret is considered an extremely popular residential area. With around 27,000 inhabitants per square kilometer, Levallois-Perret is one of the most densely populated municipality in France. Levallois Perret is connected to the dense Parisian transportation network via metro line 3and the Transilien commuter rail networks (lines L and J) providing an easy access to the major locations such as La Défense, Saint Lazare station, Opéra or République.

"We are very pleased about the acquisition of the office building "Le Malraux", which seems to be made for our portfolio", says Axel Bertram, Co-Portfolio Manager of the SSP at Catella Real Estate AG. Due to its location and flexible space design, the office building in the French capital's suburbs has almost always been fully leased over its life cycle to date, providing a stable cash flow. However, it is equally important to us that the property meets our high sustainability standards, so that our investors achieve impact with their investment. "Le Malraux" is our second investment in France, a market we consider very promising."

Catella was locally advised by Arkea Real Estate which will also take over the asset management of the property. R&D Notaires carried out the notarial due diligence, Gide Loyrette Nouel the legal due diligence, EY the tax due diligence, and Wigwam carried out technical due diligence. AMUNDI, on behalf of its public fund OPCIMMO, was advised by Cushman and Wakefield and Thibierge Notaires.

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About „Sarasin Sustainable Properties – European Cities“

Sarasin Sustainable Properties - European Cities" is a fund of Catella Real Estate AG in cooperation with Bank J. Safra Sarasin AG with assets under management of over 700 million euros. The cooperation with Bank J. Safra Sarasin Ltd. with common sustainability objectives started already in 2011 and thus takes a pioneering role in the field of sustainable European real estate investments. The fund is specifically geared to the needs of institutional investors in Switzerland, Austria and Germany. The fund invests at least 75% in commercial real estate with a focus on office and retail. Up to 25% of the fund's capital is invested in residential properties. Each building must meet Bank J. Safra Sarasin's sustainability standards.

 

About Catella Real Estate AG

Catella Real Estate AG (CREAG), founded in January 2007 and headquartered in Munich, is engaged in the management of real estate investment funds and in providing advice on investing in real estate. CREAG is a licensed capital management company (KVG) under German investment law (KAGB). The purpose of the company is the conception, development and management of open-ended real estate investment funds based on the expertise and outstanding market position of the Catella Group. CREAG currently manages assets of EUR 6.4 billion in 19 real estate funds (as of September 30, 2021).

 

For more information please contact:

Catella Real Estate AG

Julia Stübler

Marketing & PR Manager

T: (0)89 189 16 65 0

F: (0)89 189 16 65 466

M: +49 (0)152 389 228 65

E: julia.stuebler@catella-investment.com

 

Further information please find on our website: www.catella.com/immobilienfonds