Rockspring Property Investment Managers ('Rockspring') and Générale Continentale Investissements ('GCI') announce the formation of a new joint venture, which has acquired a prime, central Paris office complex located at 5-7-9 rue Jacques Bingen from insurance company AG2R La Mondiale.
Currently offering 6,200 m² of lettable office space across three adjoining buildings, the complex will be subject to an extensive renovation, creating one single building and increasing the total lettable area to 6,400 m². With a projected delivery date of mid-2014, 5-7-9 rue Jacques Bingen will offer grade-A office space, designed to meet tenants' demands in the CBD.
5-7-9 rue Jacques Bingen will combine large and flexible floor plates organized around a central patio and offer the latest HQE, BBC and BREEAM certifications. The higher floors will have access to terraces and will benefit from great views of Paris. The architect of the operation is Hardel & Le Bihan.
Located in the 17th district of Paris, close to the CBD, the building benefits from excellent transport links and is situated in an established office area, which is very popular with high quality tenants from the insurance, finance, new technology and luxury goods sectors.
This is the first acquisition by a new joint venture between Rockspring and GCI.
Tom Walsh, Associate Partner at Rockspring, said: "This new partnership with GCI for the acquisition and redevelopment of a prime Paris office complex is an exciting opportunity for Rockspring. The finished building will be best in class and we anticipate that it will attract strong occupational demand from a range of companies and sectors. We are optimistic that this deal represents the start of a widening relationship with GCI, a very high quality and well respected partner, as we plan to increase our investments in Paris during 2013."
Sharon Raingold, Managing Director of GCI, said: "We are particularly excited about this new acquisition. We are delighted to develop a new partnership with Rockspring and to work with one of the current leading investors, with whom we share a similar vision on the market."
Raphael Raingold, Head of Investments of GCI, said: "The Paris CBD market today is strong. There is a lack of supply in new, single, greater than 5,000 m² office buildings. We strongly believe 5-7-9 rue Jacques Bingen will meet tenant's demands."
The transaction was realized by Savills, as part of a tri-exclusive mandate with Knight Frank and Keops-Colliers International.
The buyer was advised by Gide Loyrette Nouel. The vendor was advised by Etude Regent Duval Fleury and Lefevre Pelletier.
Source: FTI Consulting