SEB Asset Management has signed a preliminary contract for "Claude Bernard A2" in Paris, a high-quality office building which is still under construction, on behalf of its SEB ImmoInvest open-ended real estate fund. Completion of the eight-story office building with approximately 11,200 m² of rental space and an underground car park for 156 vehicles is planned for May 2012.
"Taking into account the current market cycle, this new acquisition offers us a good opportunity to re-enter the Paris investment market," said Barbara Knoflach, CEO of SEB Asset Management AG.
The acquisition of the BNP property is designed to further diversify SEB ImmoInvest's Paris portfolio and will strengthen the Fund's strong earnings power for the long term.
The property "Claude Bernard A2" is located in the 19th Arrondissement, directly on the northern outskirts of Paris in the ZAC Claude Bernard city development area. It is being constructed by BNP Paribas Real Estate Property Development in accordance with the latest standards for resource-friendly, energy-efficient buildings.
The building has been pre-certified in accordance with the HQE (Haute Qualité Environnementale) system, the national environmental standard.