Three companies have teamed up to buy French property development, investment and construction company GA for an undisclosed sum.
DB Real Estate – Private Equity, Highridge Partners and Five Mounts Properties Europe, a subsidiary of Beny Steinmetz Group, acquired the privately held shares in GA, which has its headquarters in Toulouse and focuses mainly on commercial real estate throughout France.
GAmanages a portfolio of office, retail, light-industrial and logistics properties across France totalling more than 250,000m2. David Brush, managing director and head of DB Real Estate’s private equity group, said the company would now be broken up and its assets in France, Germany and Houston, US, would be sold. The construction division only accounts for around 10% of GA’s business.
Senior debt financing for the acquisition was arranged by Merrill Lynch Real Estate Finance in London.
DB Real Estate – Private Equity is part of Deutsche Asset Management; Beny Steinmetz Group holds property in North America, Israel and western and central Europe; and real estate company Highridge controls and manages over $1bn of assets.
