GECINA and Hines to develop 38,600-m² commercial building in Paris (FR)

GECINA has just signed a new partnership agreement with Hines for the acquisition of a building representing around 38,600 m², in connection with the project to redevelop Renault sites in Boulogne-Billancourt (Hauts-de-Seine).

This future building, located on Block C1, in the so-called "western trapezium" (Trapèze Ouest) sector, opposite Ile Seguin, on the north bank of the Seine, will comprise 37,200 m² of offices and 1,400 m² of retail space. The delivery of this asset is scheduled for the end of H2 2010.

This operation represents the biggest project carried out to date with the Hines Group, taking the partnership up to a combined total of nearly 90,000 m² of office space. In addition to this latest transaction, the partnership between GECINA and Hines concerns the Pyramidion building that is currently being built in La Défense (Courbevoie) and three future office buildings on Renault sites in Boulogne-Billancourt. The delivery of these very high quality properties, designed by leading architects such as Pei Cobb Freed & Partners for the Pyramidion and Jean-Paul Viguier and Foster & Partners for the Angle and Khapa in Boulogne-Billancourt, will be spread over the period from 2007 to 2009.

The advisers that have made this transaction possible are de Pardieu Brocas Maffei and Bredin Prat law firms and the Oudot & Associés notary's office for GECINA, as well as Lacourte, Balas et associés and Baker & McKenzie for Hines. Investment advisory services have been provided by Jones Lang Lasalle.

Source: GECINA

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