Two funds have jointly bought a parking garage in Bastille, central Paris, from Credit Agricole Immobilier to build an office at a cost of $155.7 million, GlobeSt reports. The purchasers are the European Property Investors Special Opportunities fund and the STAM Europe-administered STAM REI III fund. Credit Agricole Immobilier is the Credit Agricole Group’s specialist real estate subsidiary.
The European Property Investors Special Opportunities fund is jointly run by Tristan Capital Partners and AEW Europe. The garage will be transformed into a 270,000-square-foot office complex, with an extra 25,000 square feet of retail.
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