- 3 min
Paris, 10th, December 2009 - Global private equity firm, The Carlyle Group announces that its first European real estate fund, Carlyle Real Estate Partners I (CEREP I), has sold the award winning EVERGREEN office development in Montrouge (Hauts-de-Seine), Paris, to Credit Agricole S.A.
The acquisition provides the Crédit Agricole group with the prospect of uniting a number of different parts of its business in one location in order to optimize working methods and efficiencies while reducing rental costs. The EVERGREEN site comprises 40 000 sq m of office space, which has already been restructured and is expected to be occupied from the second quarter of 2010. The site also provides Crédit Agricole SA with the option of constructing additional new offices by the end of 2011 for possible occupation through to 2013.
The EVERGREEN site has been developed to meet HQE standards of which are entirely in line with Crédit Agricole S.A.'s sustainable development strategy. The transaction and any subsequent occupation and developments is, and will be, carried out by Crédit Agricole Immobilier, Credit Agricole S.A.'s real estate division.
The Carlyle Group's real estate investment strategy in France and across Europe is to acquire often high profile or historic assets in major cities, where it can identify the potential for significant development which may also help progress emerging economic zones. The size, history, location and the extent of the redevelopment involved at the EVERGREEN provide a very clear example of how that strategy can be successfully delivered.
Both parties were advised by Crédit Agricole Immobilier for Crédit Agricole SA and BNP Paribas Real Estate for The Carlyle Group.