Carlyle buys French government property

The Carlyle Group has bought two French government agency properties in Paris, it said today.

The two mixed use properties have been sold by a French social security agency, which has a total of 11 assets up for sale valued at €231 million ($325 million).

The first building is mixed residential and retail property in avenue de Versailles in the 16th arrondissement of Paris.

The second property is a residential and office asset in the 8th arrondissement.

Carlyle wants to carry out light refurbishment works to improve the property for current tenants and future occupiers, it said. 

Both acquisitions were financed by Société Générale and Crédit Mutuel.

Agnès Riban, co-head of acquisitions in France for Carlyle Real Estate, said the firm had traditionally focussed its real estate investment strategy primarily on the acquisition and development of office properties.

However, it is also investing in a “more diverse range” of assets in France and across Europe. 

Earlier this month the firm announced promotions for four people in its European real estate team.

Oussama Daher, who joined in 2001, and is Chief Financial Officer for all of Carlyle’s real estate investments across Europe, was promoted to Managing Director in London.

Javier De Pablo, who joined The Carlyle Group in 2007, and is responsible for asset management across Spain and Portugal, has been promoted to director in the Madrid office.

Riban and Olivier Petreschi, who both joined The Carlyle Group in 2001, have been promoted to co-director’s responsible for investment in France and Benelux.