The asset is located in the Marengo quarter of Toulouse and comprises 13,159 sqm of office space over 8 floors with 252 parking spaces. The investment was forward-funded in February 2007 as part of a portfolio, pre-let during construction in October 2007 to a public sector tenant and completed in January 2009.
Cédric Vallin, responsible for real estate deal origination in France at InfraRed said:
“The Business invested around €200m in the French office market and is in the process of realising assets in the portfolio where the value addition process has been completed. Marengo is an example of our successful strategy of developing a grade A office building in an established regional location, leasing it to a strong tenant and selling as a Core investment product. The Business continues to seek further investment opportunities in France which is a key market.”
InfraRed Capital Partners, formerly HSBC Specialist Investments (HSIL), completed a spin-out from HSBC in 2011. Gide Loyrette Nouel and F2P Conseil advised the vendor in this transaction.
