French property company ISM has acquired a portfolio of 14 properties in Paris from German insurance group Allianz.
The assets are co-ownership interests in 13 offices and one residential block in prime Paris addresses. The yield on the portfolio was around 9%, reflecting the co-ownerships and the fact that much of the property is in need of refurbishment. The company refused to release the purchase price.
ISM, previously a subsidiary of the Suez group, was acquired last year by a consortium of three US investors, GE Capital, Bankers Trust (now Deutsche Bank) and JE Robert.
Deutsche Bank advised ISM, which acquired the properties through a 100%-owned subsidiary, Sopoli. The properties will be managed by Selectimo, part of the ISM group of companies.
