US fund manager Apollo has teamed up with Paris-based Richmond Developments to carry out office development and refurbishment projects in France and Italy.
Conifer, the partnership vehicle which also includes Apollo’s investment advisor Pelham Partners, has made its first acquisition with the purchase of Framatome tower in La Défense from Epad, the public authority responsible for the management of the district.
The space is partly let to Epad with the rest available for letting following refurbishment.
Richmond is run by Oliver Ash, former European managing director at UK property group Hammerson.
Richmond is building its team and has recruited Laure Blouin, formerly of Hammerson, as asset manager. Once the team for France is in place, Ash will consider opportunities in Italy.
Richmond has also made two investments with private US investors. The first is the acquisition of five office and light industrial buildings from the defeasance vehicle CDR, part of the Crédit Lyonnais Group. The portfolio, located in the Paris suburbs, comprises 20,000m2.
The second acquisition comprises 15,000m2 of warehousing and 10,000m2 of offices adjacent to the commercial zone of Plaisir.
