(Corrects the statement which had related the newly established property fund of Farallon as used for the purchase of the portfolio of Financiere SELEC.)

The real estate arm of Deutsche Bank together with the private equity firm LBO France, have entered into an agreement to sell Financiere SELEC, a residential real estate portfolio located in France. The buyers of the portfolio is an investment consortium headed by a former Deutsche Bank executive.

The transaction was confirmed by both companies last Thursday. The firm to acquire the portfolio is TwentyTwo Real Estate. This firm was established by banker Daniel Rigny back in 2012 and the purchase price for the portfolio is at Eur1 billion or US$1.3 billion. Rigny worked with Deutsche Bank before leaving for boutique investment bank Perella Weinberg in 2007.

The terms of the purchase, which was completed through Massena Partners' equity financing as well as funding from Farallon Capital Management LC, were not made public.

Aside from this transaction, Farallon is in the process of establishing a real estate fund worth between US$350 million and US$400 million since March.