OFI Pierre has continued the development of the OPPCI OFI Immobilier strategy with the acquisition of a new building located in Levallois which will be its fifth, in the immediate vicinity of the 17th arrondissement of Paris, Neuilly-sur-Seine and La Défense
This acquisition brings to €150m the investments made by the OPPCI, taking it to some 60% of the target size set for the end of 2020.
The latest building, a 1990s asset located in the north-eastern part of Levallois, is some 0.5km from the Clichy-Levallois train station, and is being leased by jC Parinaud Financial Group (the seller of the building) to the Higher School of Real Estate Professions (ESPI) for a period of 12 years. The asset was acquired with a Hand Act return of 4.21%.
Joelle Chauvin, managing director of OFI Pierre, said: "We are delighted with this new acquisition, which is very secure in its long term, which constitutes a quality investment and allows both to strengthen our position in the Levallois-Perret sector after the acquisition of the 'Viking' and to bring us closer together of our target size of €250m. For the second half of 2019, we want to continue this strategy and continue to target quality assets with leading locations in Paris and west Paris."