Paris 06/07/2020
Primonial REIM announces the signature of the Off-Plan acquisition of a 25,000 m2 property complex in Ivry-sur-Seine from Icade Promotion and on behalf of one of its trusts, for a total value of 109 million euro ex V.A.T.
This real-estate project, due to be completed during the 4th quarter of 2022, will be located on the Quai Marcel Boyer along the banks of the Seine river, near to the ‘Portes de Paris’.
The property complex will include two buildings, including:
• Three residences managed by the Réside Etudes Group: o A Seniors Service residence with 111 residences, o A mixed residence (students + business tourism) with 362 residences, o A Business-Tourism residence with 99 residences.
• A 175 room hotel which will be operated by B&B hotels, one of the budget hotel sector market leaders and a partner of Primonial REIM,
• Almost 1,200 m2 of offices It will have a strategic location on the Left Bank of Paris, which is currently being massively restructured.
Grégory FRAPET, Chairman of the Directorate at Primonial REIM states: “We are very happy to have acquired this high-standard mixed-usage property complex. It is a clear sign of Primonial REIM’s intention to support social change by investing in new generation multi-usage, multi-generation real-estate projects that will be the home to students, pensioners and business-travellers alike”.
For this acquisition, Primonial REIM was advised by the Allez & Partners Notary firm and the Archers law firm for the legal aspect, Catella Property for the commercial aspects and Etyo for the technical aspects.
About Primonial REIM
Primonial Real Estate Investment Management (Primonial REIM) is a portfolio management company certified by the AMF in 2011; it creates and manages a range of investment schemes based on strong property market convictions. Its main objective is to propose a range of SCPI that invest in office, retail, health/education and residential property to the broadest possible client-base.
As a portfolio management company Primonial REIM sets up and manages OPCI (specifically aimed at either institutional or general public investors). On 10 June 2014 Primonial REIM received AIFM (Alternative Investment Fund Manager) certification from the Autorités des Marchés Financiers (Financial Markets Regulator), and is therefore subjected to strengthened obligations in terms of information, liquidity monitoring and risk management. The Board of Directors includes Grégory FRAPET as Chairman, Stéphanie LACROIX, Managing Director and Tristan MAHAUT, General Secretary.
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