IM Properties, an offshoot of car business IM Group, has made its first investment purchase in France.
The Warwick-based property company has bought a 377-unit residential complex, Les Pleaides, in Serris. The property is let to Eurodisney on a 12-year lease.
IM Properties paid €19m, a yield of 8%, for the property, which houses Eurodisney staff in the new town of Marne le Vallee, 25km east of Paris.
The vendor is a joint venture between a subsidiary of Goldman Sachs Princeton Investments and London Freeholds, which bought the property as part of a larger portfolio from Eurodisney last year.
Paul Foster, estates director of IM Properties, said: “Although we are looking at propositions in other countries, the French market is particularly attractive to us if we can find the right balance of risk and yield.”
Goldenberg Real Estate acted for the vendor and Drivers Jonas France acted for IM Properties.
References: EGi News 12/11/04
