Curzon Global Partners/AEW Europe together with Cleaveland Asset Management have jointly purchased a €145.6 mln portfolio from Credit Agricole Asset Management on behalf of the recently-raised European Property Investors Special Opportunities (EPISO) fund. The portfolio consists of 32 office assets throughout France. The overall occupancy is above 85% and the approximate surface area of 62,000 sqm is located 10% within central Paris, 67% in the Parisian suburbs and 23% in the rest of France.

Tuesday, October 7 - Deal of the day

First Industrial invests in Belgium
Industrial property company First Industrial has entered into a final agreement to invest in two distribution facilities in the heart of Belgium's Golden Triangle. First Industrial will invest in a two building, 117,800 m² business park, which will be known as First Park Maritime Logistics on a site located between the municipalities of Bornem and Puurs. This transaction is the first acquisition by First Industrial in Europe and the first for its FirstCal Industrial Europe JV, a $475 mln joint venture between First Industrial and the California State Teachers’ Retirement System (CalSTRS), the second largest pension fund in the U.S. with a $160 bn portfolio.

‘First Park Maritime Logistics, with its intermodal transportation access, is a prime example of our investment strategy – high-quality properties located along major supply chain routes to meet growing customer demand,’ said Johannson Yap, chief investment officer. ‘Both buildings will be able to provide supply chain solutions for a variety of customers looking for logistics space within the Golden Triangle.’

Construction has started on the first phase, a 42,800 m² distribution center located in Bornem, and is expected to be complete in March 2009. The second building, located in Puurs, is still in the development planning stage.

A skilled workforce and the accessibility of its world-class transportation infrastructure make the Golden Triangle one of the premier locations for logistics in Europe,’ said Jan Scheers, managing director.

King Sturge advised First Industrial.

Monday, October 6 - Deal of the day

Behringer Harvard acquires 33 assets in Central Europe
US-based real estate company Behringer Harvard - which is opening a European office - anncounced at EXPO REAL on Monday that it is extending its international presence through an investment platform that targets commercial real estate acquisitions in Central Europe. The platform, known as Wenceslas Behringer Ltd., has recently acquired a portfolio of 22 retail and industrial/logistics assets located in the Czech Republic, Poland, Slovakia and Hungary.

The anchor tenants include Carrefour, Tesco, Royal Ahold and Plus. The properties will be jointly managed by Behringer Harvard and Edinburgh-based Hunter Property Management Ltd. (Hunter), which has a well-established presence in Central Europe.

The investment volume of the transaction was not given.