Bankers Trust has made its first direct purchase in the French property market, acquiring a FFr 180m portfolio of properties from the AXA/UAP insurance group. Like other US investment banks, Bankers Trust has been prominent as an advisor on high-profile sales of distressed loan portfolios, but now it is taking a position as a principal.
“We very much believe it is the right time to buy French property, and to stick our money where our mouth is,” says Charles Pridgeon of Bankers Trust. “We knew the seller very well and their strategic willingness to sell.”
The portfolio contains 110 properties, 40% residential and 30% offices scattered across France.
However, two large office buildings, in Montrueil and Levallois, account for half the value. Bankers Trust plans to trade on the residential units and hold or improve the larger properties in the medium term.
