AltaFund, the office property investment fund managed and operated by Altarea Cogedim, has made its first acquisition in the center of Paris' 6th arrondissement. This office building, located at 128/130 Boulevard Raspail, offers 9,900 m² of lettable space and 220 parking units.
AltaFund's business plan is to heavily restructure the existing building.
In this transaction, Crédit Agricole Immobilier ran a tender process as an advisor to the seller, SCI Raspail, a fully owned subsidiary of Crédit Agricole S.A.
Designed and developed in the late 70s by Cogedim, this iconic property benefits from the excellent public transportation network of the gare Montparnasse hub (metro, tram and intercity rail) as well as from an ideal location close to the Bon Marché department store and the famous Luxembourg Gardens.
AltaFund's business plan is to heavily restructure the existing building while keeping the initial design in order to create a remarkable property of exemplary environmental quality. The building will enjoy HQE® Excellent and BREEAM Excellent certifications, will achieve a BBC Rénovation label and will be compliant with the Paris Climate Plan standards.
Franklin Azzi will be entrusted with the restructuring of the building. His architect agency is famous for bringing a fresh aesthetic and innovative approach to projects such as the renovation of the Saint-Sauveur train station and the Tri Postal cultural center in Lille, as well as the deep transformation of the Seine river banks in Paris, a UNESCO world heritage site.
The building permit will be filed in the fall of 2012, and work should start in spring 2013, with completion expected for late 2014.
"This first acquisition is perfectly in line with the objectives we have set for AltaFund. We want to create remarkable properties in prime locations meeting the highest market standards in terms of environmental performance, functionality and architecture.
"Once restructured, this Boulevard Raspail building will undoubtedly attract a company seeking top quality headquarters in the uprising Left Bank market" said Stéphane Theuriau, Chairman of AltaFund.
In the words of Alain Taravella, Chairman and Founder of Altarea Cogedim, "AltaFund is the first fund of this size on the market to be managed by a French property company. This vehicle gives concrete expression to the shift in the office property strategy of the Group, confirming its dual vocation in this sector as developer as well as investor, as this is already the case in the retail property sector."
AltaFund was advised by Cheuvreux, Clifford Chance and Jeantet & Associés. SCI Raspail was advised by Oudot Associés.