Lexin teams French developer for €60m Paris deal

New York’s Lexin Capital is buying into an office in the outskirts of Paris that is yet to be leased out.

Lexin Capital, the New York-based private equity real estate firm, and Nexity-Reim, the non-residential subsidiary of quoted French developer Nexity, have acquired an office in Alfortville’s Bord de Marne construction zone, on Charles de Gaulle Street in Paris.

Lexin owns 80 percent of a company set up to acquire the property while Nexity-Reim owns the remaining 20 percent, with the value of the deal being €60 million ($93 million).

In a statement, Lexin said the building, totalling 18,000 square meters of floorspace, would be offered to tenants shortly.

“This acquisition in Alfortville reflects our belief in the Paris market, even at this time of uncertainty,” said Metin Negrin, president of Lexin. Eurohypo underwrote the acquisition.

Lexin has made $500 million of investments over the past five years.