Tikehau Capital, an asset management and investment group with €24.3bn of assets under management, and Foncière Atland, a listed real estate investment trust (REIT), have sold a portfolio of 22 industrial assets in France to a fund managed by Blackstone.
The 22-industrial assets, which was acquired in 2014 by Tikehau Capital through the its fund Tikehau Real Estate 1 (TRE 1), includes 21 buildings used for operational purposes and a logistics warehouse located in France.
TRE 1 was launched by Tikehau Capital in March 2014, and Foncière Atland took care of the asset management of the portfolio.
These assets are let to Elis, an international multi-service provider, offering textile, hygiene and facility service solutions, totalling 178,528 m².
TRE 1 is predicted to achieve close to 2x return based on initial investment for its investors.
This deal initially encompassed the sale and leaseback of 17 fully-owned French sites primarily used as industrial laundries, let to Elis Group.
In late June 2014, TRE 1 acquired 5 additional sites in a second transaction, bringing the total assets in the portfolio to 22. The initial investment was secured by 15 years term leases. The portfolio benefits from a residual firm period of over 9 years on the leases.
The seller in this transaction was advised by Catella Property, as well as Clearwater, Gide, BDGS and Étude Chevreux.