Mirabaud Asset Management and CBRE Capital Advisors team up to deliver future closings for leading Paris development fund
A real estate investment strategy dedicated to the Grand Paris area, the largest urban and infrastructure project in Europe
The strategy dedicated to the Grand Paris area launched in 2019 by Mirabaud Asset Management has already successfully secured initial commitments of EUR 60 million mainly from institutional investors. The project is looking to raise significant capital in 2020 in order to accelerate its strategy of co-investment with the most established French real estate developers.
The Grand Paris project, Europe’s largest urban and infrastructure project, will transform the Paris agglomeration into a major world metropolis. It benefits from strong fundamentals and favorable regulation, which are enhancing significantly the demand for real estate both residential and office.
During the lockdown, the investment team completed a first transaction in the residential sector. The project is located in Hauts-de-Seine, close to the hippodrome of Saint Cloud, and will include the development of a program of several dozens apartments, perfectly in line with the strategy quality approach. The building will propose a classic architecture and comply with the best standards in terms of social mixity and energy efficiency.
CBRE Capital Advisors, the Real Estate Investment Banking (REIB) division of CBRE, hosting M&A activities and advisory services for both debt and equity raising, will act as advisor to Mirabaud Asset Management (Europe) SA raising equity from European and international investors.
Renaud Dutreil, Head of Private Equity at Mirabaud Asset Management declared “Having CBRE, one of the global real estate leaders, as advisor for the future development of our “Grand Paris” strategy is a strong endorsement on the quality of the project and its relevance for investors. The recent pandemic of Covid-19 has generated an even larger need of capital than before to finance, with equity, the acceleration of residential production and development of tomorrow’s office spaces in the greater Paris area, respecting environmental and modernity highest standards.”
For Olivier Seux, Head of Real Estate at Mirabaud Asset Management “Our strategy follows an investment philosophy based upon partnerships with the top French Real Estate developers, focused on projects in the “Grand Paris” territory. Ideally located at crossroads in Europe, the region faces increasing demand for new homes and efficient offices spaces, which French developers are ideally positioned to address. Crossing over Private Equity and Real Estate, the strategy develops a unique value add approach combined with a top of the class access to deal flow. By combining three strategies, with different market exposures and investment horizon, and more than twenty deals, Mirabaud offers to its investors excellent risk diversification and return visibility. The strategy invests alongside established real estate developers, and Mirabaud
carefully selects and challenges each project. Each development will benefit from the proximity of the existing, or future, infrastructure of public transportation from the “Grand Paris” master plan and will carry a strong environmental dimension.”
Benjamin Rouah, Head of REIB, Continental Europe and Casper van Grieken, Head of REIB, The Netherlands at CBRE Capital Advisors, jointly added “The strategy developed by Mirabaud Asset Management provides an unrivalled opportunity to institutional investors to have solid exposure to the Paris development market. The first closing achieved in such a short time frame is a testimony to the experience and credentials of the real estate experts that Mirabaud Asset Management has on boarded. With an exciting pipeline of projects and numerous collaboration agreements already in place with major developers in the greater Paris area, we are confident in the ability of Mirabaud Asset Management to execute the strategy and generate attractive returns for investors in the long term.”
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