PRUPIM has purchased Phase I of Le Val Saint Quentin business park in Voisins-le-Bretonneux, France, from Belgium development company Codic, on behalf of the M&G European Property Fund. Le Val Saint Quentin is a business park with a total site area of 9.5 hectares and a proposed total built area of 42,054 m² over 15 buildings. Codic is a market leading office developer in Belgium and Luxembourg and with extensive experience in the French market.
Phase I comprises three existing fully let office buildings, 8,300 m² completed in 2005 and 2006. The main tenants include Groupe Segula Technologies, one of France's leading engineering companies, and Rockwell Automation, a global provider of industrial automation services. Other tenants include CASTE-ING, S-Y Systems Technologies and Benteler Automotive. A further six buildings will be completed in stages raising the total surface area to over 25,000m².
The global investment volume for Phase I will be around 90 million.
David Jackson, Fund Manager, comments: "This represents a rare opportunity to acquire an innovative investment product responding to occupier needs from a developer with an excellent track record in this sector. This purchase provides the M&G European Property Fund with exposure to the office sector in the largest and most active sub-market outside Paris. We also see excellent prospects for rental growth and capital appreciation from a relatively low base."
St-Quentin-en-Yvelines is the third largest office market in the Paris Region, located 25 kilometres from Paris with good accessibility by road and public transport.
Cushman & Wakefield Investors were the acquisition advisors on the deal and will asset manage the investment in partnership with PRUPIM. Codic was advised by CBRE.