Carlyle Real Estate Partners I (CEREP I), the European real estate fund of global private equity firm Carlyle Group, has sold Evergreen office development in Montrouge, Paris, to Credit Agricole SA.
The acquisition provides the Crédit Agricole group with the prospect of uniting a number of different parts of its business in one location in order to optimize working methods and efficiencies while reducing rental costs. The site also provides Crédit Agricole SA with the option of constructing additional new offices by the end of 2011 for possible occupation through to 2013.
The Evergreen site has been developed to meet high quality environmental (HQE) standards of which are entirely in line with Crédit Agricole SA’s sustainable development strategy. The transaction and any subsequent occupation and developments is, and will be, carried out by Crédit Agricole Immobilier, Credit Agricole’s real estate division.
The Carlyle Group’s real estate investment strategy in France and across Europe is to acquire often high profile or historic assets in major cities, where it can identify the potential for significant development which may also help progress in emerging economic zones.
