Following an asset management mandate signed in January 2014, BNP Paribas Real Estate Investment Management France has assisted one of its clients with the €10m upgrading of a real-estate complex close to the Paris Opera House (Opéra Garnier), at 7 rue Meyerbeer in the 9th arrondissement of Paris.
As part of its support role, BNP Paribas Real Estate Investment Management helped to define the programme of restructuring works and to select the project management and architectural teams following a tender process. The works began in July 2015 and are due to take approximately 12 months.
The five-floor building, with two basement levels, was previously occupied by an Italian bank (offices mainly on the upper floors and bank branch on the ground floor). The conditions for the departure of a clothing retailer, which also occupied a store on the ground floor, were negotiated by BNP Paribas Real Estate Investment Management France on behalf of the client during the first months of the mandate.
The aim of the programme is to create a flagship store on the lower levels (first basement level to first floor) and prestigious eco-certified offices on the upper floors. The upgrading of surface areas on the upper floors and creation of a glass roof in the communal courtyard have allowed the extension of the retail surface area while maintaining a high-end specification in the office areas.
