Biggest Property Deals in Paris Region In February
February saw a flurry of activity in commercial and residential property markets. Here is a round-up of the biggest property deals in Paris last month.
ERIA, a new development of 26,000 m2 of office space in Puteaux, changes hands
Altafund has acquired a new development 200m from the Esplanade de la Defense metro, paying an undisclosed amount to previous owners the Carlyle Group. The project will be completed in 2020 and will be 18 stories high, offering offer stunning views of Paris. The ground floor will have 250 m2 of commercial space and there will be 209 private parking places.
The building, pictured above, was designed by the architects 2Portzamparc.
Four business parks totalling 220,000 m2 in Paris region acquired by fund
Several property funds, all under the management of AEW Europe, have purchased a portfolio of four business parks, in the suburbs of Villebon, Evry, Antony and Cergy. The portfolio is made up of:
- 53 buildings
- 200 different tenancies
- 59% office space and 41% light industry
Deutsche Pfandbriefbank AG helped finance the operation to the tune of 64 million euros. Charles Belch, head of international real estate finance for the UK and Central Europe, said “this transaction solidifies the good relations between our bank and AEW Europe, as well as financing great assets in one of our key markets.” The 220,000 m2 figure makes this the biggest property deal in Paris in February.
Doctors acquire office property from German Fund in the 17th arrondissement
The German fund Warburg-HIH has sold a Paris office building to the Conseil National de l’Ordre des Medicins in a deal worth 54.5 million euros. The government department responsible for overseeing the medical profession will have a new home in the 4,800 m2 building in the 17th arrondissement, on the Rue Leon Jost. The deal was carried out on behalf of the Germans by TH Real Estate.
Rockspring acquire 158,000 m2 of property around France’s major cities
Five sites located around Paris, Lyon and Orleans have been acquired by Rockspring Property Investment Managers LLP, a property investment group based in the UK but with international operations. The assets are logistics properties, and follow on from a €100 million buy of four similar properties a year ago: though this deal was off-market for an undisclosed fee.
image © 2Portzamparc