Paul Hastings advised SGAM Alternative Investments in connection with the first closing of an institutional property fund invested in France
Paul Hastings advised SGAM Alternative Investments in connection with the first closing of an institutional property fund invested in France.
Paris, December 07, 2007 Paul Hastings advised SGAM Alternative Investments (SGAM AI) in connection with the structuring and the setting up of a new investment fund dedicated to the French office market.
Managed by SGAM AIs Real Estate Investment Management activity and registered in Luxembourg, the fund is intended to invest in three categories of operations: acquisitions of income-producing buildings, investments in forward funded schemes and opportunities deals.
This fund targets international investors that wish to strengthen their real estate allocation towards the French market.
Following this initial raising of €127 million in equity capital, it will have an investment capacity of around €450 million after leverage, half of which is already committed to existing deals which will be completed in 2007. SGAM AI aims to raise a total of €250 to €300 million in 2008.
The Paul Hastings team was lead by Paris partners David Lacaze and Allard de Waal and Paris associates Delphine Prévot, Isabelle Mariani and Denis Charles.
Arendt & Medernach was instructed in respect of Luxembourg legal advisor.