Infrared Capital Partners (InfraRed) has recently acquired the O2 office building located in Asnières, a Western suburb of Paris, from funds managed by The Carlyle Group.
The asset is well-situated outside a suburban train (RER) station in an area which has benefited from extensive regeneration during recent years, including the creation of convenience retail, restaurants, residential buildings and a new leisure centre. The O2 building consists of 22 236 m² of office space, a staff restaurant as well as parking space for 420 vehicles. It has high quality specifications and the HQE green rating. The building is currently let to six tenants for 41% of the office space. The business plan envisages targeted refurbishment works and a letting campaign to achieve full occupancy to reposition the building into a core asset.
InfraRed was supported in its acquisition by Hemisphere who was also appointed as asset manager to support the repositioning of the building.
Andreas Katsaros, Head of Real Estate Origination at InfraRed, said:
“The O2 acquisition is a great addition to InfraRed’s growing Paris office portfolio following the acquisitions of Konekt in the 17th arrondissement and of Project Radio in Malakoff earlier this year. We believe in the positive momentum of the Paris office market particularly where it is further supported by the Grand Paris infrastructure programme.”
The buyer’s advisors included Gide and Etude Le Breton & Associés for the acquisition and Paul Hastings for the debt financing.
For this sale, the vendor was advised by Catella, within a co-exclusive sales mandate with Strategies and Corp. The vendor was also advised by Clifford Chance and Etude des Notaires Associés de Meudon (notary).