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Altarea Cogedim bolsters its investment capacity in office property

Paris, March 1rst, 2011
Altarea Cogedim Enterprise announces the first closing of an office property investment vehicle with €350 million of equity capital. The funds were raised from top-tier French and international institutional partners. This closing opens a six-month period for the Group to bring additional partners with a view to raising over €500 million.

It is currently the largest investment vehicle dedicated to office property in the Ile-de-France region. Ultimately, it will have an investment capacity of €1 billion including debt, which will make it a major player in its market. The investment vehicle will acquire land or existing office assets for restructuring. The aim is to use the Group’s expertise to create high-quality “core” assets with significant environmental value. These new properties will then be earmarked for sale in the medium term.
Altarea Cogedim Entreprise owns a 20% interest in the vehicle and is also its managing partner. With a controlled LTV of around 50%, the Group’s risk profile will remain unchanged.
 
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Altarea Cogedim