The Luxembourg based property funds Le Premier and Parisian Property Partners (PPP), that are funded by Irish shareholders, have combined to buy from the Urbiparc Group (Michel Ferrier), a business property developer, two brand new buildings named 'Le Tramontane' and 'Alizés' situated in the Polytec Miniparc in the centre of the Polygone scientifique in Grenoble ZAC des Berges, for just under 10 million, a return of 8.3% acte en mains. Le Premier and PPP were also given by the Urbiparc Group a right of first refusal over the 2 other properties that will be built in the Polytec Miniparc.
The first 2 buildings, sold off plan, are to be rented for use as offices with a total surface area of 6,407 m² as well as parking spaces and will be deliver in 2005 and 2006 respectively.
The first tenants are, amongst others, Ernst & Young, Soisic, Stemcell Technologies and Seralp Infrastructure.
The transaction was completed for the buyers by King Sturge under an exclusive search mandate and for the seller by Therma Properties.
Le Premier and PPP were advised by the law firm Richards Butler and by the notaries Le Breton & Associés. The Urbiparc Group were advised by Mrs Ludovic Giraud, a notary in Meylan.
Source: Richards Butler International Law Firm