Primonial REIM announces the sale and leaseback of almost 29,000 m2 of office space in Paris’s eighth district with Banque Neuflize OBC, a subsidiary of the Dutch bank ABN AMRO, and two of its subsidiaries on behalf of one of its funds.
Co-owned and occupied by first-tier tenants, the building totals 51,000 m2 in office space, more than half of which now belongs to Primonial REIM. The One Monceau office park offers its users quality services, including large open-space plans ranging from 4000 m2 to 7000 m2, a company cafeteria, several meeting rooms, private meeting spaces, a 100-seat auditorium, lots of green space and a 2400 m2 hanging garden.
Offices held by Primonial REIM have a prestigious triple address (3 avenue Hoche, 59-65 rue de Courcelles, 220 rue du Faubourg Saint Honoré) within the Paris Central Business District. The building is located near public transport and is easily accessible, with the Charles-de-Gaulle Etoile hub just down the street and the St Lazare train station a 15-minute walk away.
The building lots will be fully leased by Banque Neuflize OBC and members of its group.
Grégory FRAPET, Chairman of the Primonial REIM Management Board, said: “This deal gives us a bigger footprint within Paris itself in one of the business districts that is most sought out by investors and where real-estate opportunities are very rare. This acquisition is part of our medium-term value creation objective while ensuring a visible revenue stream for our investor clients over the coming years.”
Primonial REIM was advised on the deal by LPA business law firm on legal aspects, by the Cheuvreux notary office on notarial aspects, and by 7 Concept and B&B Architectures on technical aspects.
The deal was financed by Helaba, Banco Sabadell and La Banque Postale.
About Primonial REIM
Primonial REIM is a portfolio management company that was authorised by the Autorité des Marchés Financiers (AMF) in 2011. Its purpose is to design and manage a range of investment vehicles that reflect its strong convictions about real-estate markets. Its aim is to make SCPI real-estate funds – investing in office, retail, healthcare/education and residential properties – available to the widest possible audience.
As a portfolio management company, Primonial REIM creates and manages real-estate CIUs for institutional and retail investors. On 10 June 2014, Primonial REIM obtained AIFM (Alternative Investment Fund Manager) authorisation from the AMF, under which it is subject to increased obligations in areas such as reporting, liquidity monitoring and risk management. Its Executive Board consists of Grégory Frapet, Chairman, Stéphanie Lacroix, CEO and Tristan Mahaut, Corporate Secretary.
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