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Eurazeo Patrimoine exits property asset CIFA on 2.2x return

February 24, 2020

Private equity firm Eurazeo Patrimoine has sold its stake in property development CIFA to Mata Capital for €57 million (£47.8 million), generating a 2.2x return on investment and an 18% IRR.

CIFA is a wholesale centre in Aubervilliers, France, which has 40,000 square metres of space and over 280 tenants.

Eurazeo Patrimoine acquired 78% of CIFA in 2015 from its founder, who retained 22% of its capital. Since then, Eurazeo Patrimoine has helped to optimise the rental yield of the centre and also the occupancy rate, which was 98% at the time of the sale.

CIFA also created a digital platform with Eurazeo Patrimoine called parisfashionshops.com (PFS), a ready-to-wear clothing marketplace for wholesalers and their retailer clients.

Renaud Haberkorn, Managing Partner of Eurazeo Patrimoine, said: “CIFA’s divestment confirms the relevance of Eurazeo Patrimoine’s opportunistic, and value-add investment strategies. CIFA was our first acquisition and we are very proud to have not only successfully implemented our original business plan and achieved an outstanding financial performance, but also added a digital component, whose development we will continue to support.”

Jean Baptiste Pracca, Managing Partner of Mata Capital, added:” We are delighted to invest once again in Aubervilliers in an asset well positioned to benefit from the long term gentrification of the area.”

 

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