For its DEGI INTERNATIONAL fund, the property fund company DEGI Deutsche Gesellschaft für Immobilienfonds mbH is investing approximately €38 million in an office project development in Toulouse. The complex concerned, featuring two L-shaped six-storey office buildings and a staff restaurant, is being purchased by DEGI in a sale-and-lease-back procedure from the future user, a firm of management consultants called Assystem which specialises in innovations processes, plant consultancy and process engineering.
n a similarly structured transaction back in February, DEGI had already purchased an office building from Assystem in the Paris conurbation. The total area of 13,810 m² is scheduled for completion early in 2008. Given appropriate demand, a third office building can also be erected on the site, which measures approximately 32,000 m². In addition, parking space for 722 cars is provided, plus room for another 55 underground.
The property is located in the St. Martin/Blagnac submarket, near the airport of Toulouse, which with a population of around one million is France's fourth-largest city. Its office market, with a total area of 2.4 million m², is dominated by owner-occupiers, and exhibits a vacancy ratio of 2.3 %. The city centre can be reached from the property in 15 minutes' drive or on the rapid transit; the airport is 10 minutes away by car. The neighbourhood predominantly features component suppliers and service providers for Airbus.