Europa Capital has sold its 10,500 m² waterfront site in Boulogne-Billancourt, known variously over its life as ‘Square Com’ and ‘57 Métal’, to BNP Paribas Real Estate. Europa Fund III purchased the site, in the largest commune other than Paris in the Ile de France region, in July 2010 from car manufacturer Renault, subject to a short-term leaseback, and with the intention of procuring entitlements for redevelopment in favour of office use.
The site, until 2013 occupied by Renault as its convention and exhibition centre, is the last undeveloped site within what was once Renault’s original manufacturing plant dating back to the late nineteenth century, which also included the Ile Seguin, now partly occupied by the ‘Seine Musicale’ concert hall. BNP Paribas Real Estate secured a building permit for a new 37,000 m² headquarters office development in 2016, thereby satisfying the principal condition attached to the purchase contract. A new ‘Pont de Sevres’ Grand Paris metro station is to be located at the western edge of the site, connecting the property to central Paris in 13 minutes.
Nic Fox, Partner and Head of Europa’s Middle Europe business division commented: ‘We are pleased to have completed this significant sale from Fund III. Once redeveloped, the site will comprise a world-class property deserving of its prominent waterfront location facing the newly-completed concert hall, consistent with our original vision.’