Barings Real Estate, part of Barings LLC, has agreed to buy in VEFA Canopy grade A office development in Pré Saint Gervais near Paris, France. The development will comprise approximately 6,500 m² of office space across three floors, with a basement parking for 74 cars. The property, which is due to complete in October 2018, is currently being developed by Nexity Immobilier d’Entreprise. Once complete it will be awarded HQE and WELL certifications as well as a BREEAM ‘very good’ asset performance rating. The purchase price has not been disclosed.
Situated in Pré Saint Gervais, a suburb northeast of Paris, the asset benefits from a close proximity to the Paris ring road and is a short walk from Hoche Metro station (line 5), which provides direct access to the centre of Paris within 25 minutes. The area is becoming increasingly attractive to high profile companies who are looking to benefit from the area’s strong location and distinct architectural styles.
Gunther Deutsch, Head of Real Estate Transactions, Europe at Barings, said: “Following a number of logistics transactions we are pleased to have closed on our first office transaction in France, on behalf our of pan European core investment strategy. We continue to be interested in opportunities spanning the retail, office and logistics sectors in France, Italy, Spain, Germany, UK and the Scandics with a core to value-add risk profile.”