PARIS-Swiss-based energy group Addax & Oryx (AOG) and French property company Emerige have set up a joint venture to invest $565 million in Paris real estate over the next three years. The JV, Vesta Real Estate, will seek office and retail assets, envisaging deals of $30 million to $170 million.
Addax & Oryx mainly operates as an energy and mining company in Africa but diversified into real estate in 2010, setting up its AOG Real Estate unit with the aim of building up a portfolio of property in large cities in Europe and North America.
Emerige, founded in 1989 by chairman Laurent Dumas, specialized initially in large property restructuring but is now also active in development, and asset and property management. It currently has more than two million square feet in development and $1.4 billion of assets under management, with revenues of $130 million in 2010.
Allan Saunderson is a managing editor of Property Investor Europe and a contributor to GlobeSt.com.
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