The London office of Hines has announced that the Hines Pan-European Core Fund (HECF) has acquired from Tishman Speyer, Eurosquare 1, an office building in St. Ouen, Paris, located on the northern part of the Paris ring road. The building is fully leased to a wholly owned subsidiary of Gaz de France until 2013.
The Eurosquare 1 office building in Paris.
Completed in 2003, Eurosquare 1 comprises 15,420 m² of office space distributed over seven floors above grade. The office building is located on Boulevard Victor Hugo, the main artery of the growing business district of St. Ouen, which is also home to large operations of L'Oréal, Danone, Nokia, Sony, BNP Parisbas, etc.
"We are very pleased to have found an opportunity to enter the French market with a high quality asset in one of the major new office locations in Paris," said HECF's fund manager Andreas Schreurs.
HECF is a Euro-denominated, Luxembourg-regulated Fonds de Commun de Placement (FCP) managed by Hines, with the objective to acquire a geographically diverse portfolio of core buildings with commercial uses across Europe.
In France, Hines' portfolio of owned and/or developed projects encompasses 440,000 m², including EDF Tower and the Meudon campus.