Information on the target
Elevation Capital Partners has announced a strategic acquisition for its SCPI Elevation Tertiom, the only yield-focused SCPI dedicated to tertiary real estate in the French overseas territories. The firm has acquired a prime office building located at Cour Perrinon in the historic center of Fort-de-France, Martinique, from Groupe Duval for a total investment of nearly €10 million. Delivered in 2008, the property spans 3,264 square meters and boasts a strategic location within a major commercial and administrative hub, with immediate access to public transport and a 640-space underground parking facility.
This fully leased asset is occupied by high-profile tenants, with 77% of the space rented to public or semi-public entities, including the Ministry of Justice and the Maurice Despinoy Specialized Hospital Center. The property generates an annual rental income of approximately €1.1 million, supplemented by additional revenues from a photovoltaic power plant and a relay antenna operating agreement. The gross yield at acquisition stands at 11.4%.
Industry overview in the target’s specific country
The Office Real Estate Rental & Development industry in Martinique is characterized by a unique blend of local demand and international investment interest. The sector has seen a steady growth trajectory, driven by the increasing need for modern office spaces that cater to both public and private sector tenants. The strategic location of Martinique within the Caribbean enhances its appeal as a business hub, attracting companies looking to establish a presence in the region.
In recent years, there has been a notable shift towards the development of sustainable and energy-efficient office buildings, reflecting global trends in environmental responsibility. This has led to an increase in the construction of new office spaces that not only meet the demands of modern businesses but also contribute to the overall urban renewal of key areas in Fort-de-France and beyond.
The local government has also played a pivotal role in promoting the office real estate sector by implementing policies that encourage investment and development. This includes incentives for businesses to occupy office spaces in revitalized districts, which has resulted in a more vibrant commercial landscape. The presence of significant public sector tenants further stabilizes the market, providing a reliable income stream for property owners.
Despite the challenges posed by economic fluctuations, the Office Real Estate Rental & Development industry in Martinique remains resilient. The combination of a growing …