Immobilière Dassault acquires the Passage Jouffroy portfolio

Real estate company Immobilière Dassault SA acquired a 95% stake in French property manager CPPJ from private equity firm Weinberg Capital Partners.

Through the acquisition, Dassault gained ownership of a portfolio of properties in Paris that include the 1846-built, 13,000-square-meter Passage Jouffroy shopping gallery that features about 30 retail units, two hotels, offices and the Musée Grévin waxworks museum, according to the report. High-street retail stores and an office building in rue Chauchat were also among the properties acquired in the deal that values the acquired portfolio at €145 million.

The portfolio generates recurring revenues of €4.5 million (excl. VAT and charges). Dassault will take over CPPJ's €62 million debt and €16 million credit line to finance improvements. The company will fund the transaction through its revolving credit facilities and a new fixed-rate €35 million loan.

“This outstanding acquisition of assets with a significant renovation and value-creation potential is in line with our very selective long-term investment strategy focused on prime office and retail. The portfolio’s value creation strategy will be deployed over the next 5 years. It will be carried out by Osae Partners, led by Laurent Halimi, whose team is already in charge of the assets’ management and who will be incentivized to the performance of the project” (Immobilière Dassault press release).