AG Real Estate France is selling two car parks valued at around €47 million to Catella Real Estate AG (CREAG), a German investment fund.
These two car parks are in prime locations in Paris: the first on Avenue Kléber in the 16th arrondissement and the second under the Marché Saint-Germain in the 6th arrondissement, both operated by the Indigo group.
The two underground car parks have a total of nearly 690 public parking spaces and are open to annual and monthly subscribers as well as daily visitors.
The Kléber car park consists of five basement levels beneath a Haussmann-style building, situated in a residential area, close to major Parisian avenues and numerous tourist hotspots (Palais de Tokyo, Palais de Chaillot, Place du Trocadéro, Arc de Triomphe, Eiffel Tower, etc.).
It has a standard layout, with accesses onto Avenue Kleber, which is a major advantage. The car park has 279 spaces.
The Marché Saint-Germain car park consists of six basement levels and is located in the heart of Saint-Germain-des-Prés, beneath a 19th century shopping gallery listed as a historic monument.
Each floor measures nearly 3,000 m², and the car park has 411 spaces.
The overall selling price is around €47 million, with a price per parking space of nearly €67,000.
ARKEA RE France and ORANGE IM acted as advisors for the buyer in this transaction. The notary advising AGRE is LEXFAIR NOTAIRES and the notary advising CREAG is R&D NOTAIRES.
CBRE Conseil et Transaction (Investment Properties) and CBRE Operational Real Estate (Roadside & Automotive EMEA) advised AGRE.
"This transaction is fully in line with AGRE's strategy for renewing its portfolio. We have held these cash-flow assets for 10 years and in the current uncertain economic environment, this sale is an impressive achievement and demonstrates AGRE's ability to create value by diversifying its asset portfolio.” Thibault Delamain, Managing Director - Head of Investment and Asset Management, AG Real Estate France.