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Amundi in €1bn Europe portfolio swoop

The joint venture platform formed via the merger of the real estate businesses of French banks Crédit Agricole and Société Générale is about to buy 17 offices spread across six European countries.

Paris-based real estate investment manager Amundi Real Estate is on the verge of completing one of Europe’s largest portfolio deals.

The manager, which is a joint venture platform formed via the merger of the real estate businesses of French banks Crédit Agricole and Société Générale, is about the buy the ‘Aqua portfolio’ a portfolio of properties, predominantly in the UK, from Hamburg-based real estate investment manager Union Investment Real Estate.

The portfolio was described as being valued at €1 billion. It includes 17 offices comprising about 2.9 million square feet in six European countries. Within that, 75 percent of the assets are in the UK, France and Germany. Other assets are in Vienna, Helsinki and Rotterdam.

It is 96 percent occupied and generates approximately €60 million of income a year.

The deal should conclude in the fourth quarter this year, subject to terms and conditions.

Seller Union said the transaction was conducted within five months with Amundi beating out bids from eight other bidders.

“We quickly found our ideal partner in Amundi. Their strong banking background provides a high level of transaction security and they attach great importance to a structured, thorough sale process while also applying high quality standards,” said Frank Billand, chief investment officer at Union Investment Real Estate.