Merrill Lynch Global Principal Investment Group (GPI) has acquired multi-let Paris office complex Le Doublon in Courbevoie from Axa, in a joint venture with European property investment and asset management group Catalyst Capital.
BNP Paribas provided the deal’s financing, which is thought to have been struck at around €50m. The 1970s 28,500m2 complex at 11 Avenue Dubonnet, near boulevard Verdun, includes 740 parking spaces and a restaurant. It is occupied by eighteen French and international companies. Catalyst aims to improve the income stream through management and a phased refurbishment programme.
GPI is responsible for Merrill Lynch’s own global property investments. GPI acts as principal in all investments and participates in all levels of the capital structure, including provision of equity, mezzanine and senior debt.
