Carlyle exits Paris office complex

The Washington-based group sells a 430,000 square foot office complex to French bank Credit Agricole on behalf of its first European real estate fund, Carlyle Europe Real Estate Partners I.

The Carlyle Group has sold the EVERGREEN office development in Montrouge, Paris, to Credit Agricole Immobilier, the real estate arm of French bank Cresit Agricole, on behalf of its Carlyle Europe Real Estate Partners I fund, for an undisclosed sum.

The 430,000 square foot complex is expected to become available for occupation from the second quarter of 2010 and Credit Agricole has the option of developing out additional office space on the site, according to an announce by Carlyle today.

Carlyle currently has €3.4 billion of real estate under management through three separate vehicles, Carlyle Europe Real Estate Partners I-III. The first of the three funds was launched in 1998 with €1 billion of committed capital, including debt.