Société de la Tour Eiffel invests in new peripherial office quarter (FR)

STE are forward funding a new office and retail project in the North East of Paris at the Porte des Lilas. The developer Nexity will retain a minority stake in the project. Porte des Lilas is the focus of a major urban renewal project constructed above the Boulevard Périphérique which is being decked at this point under the aegis of the Semavip, the North Eastern Paris development authority. The property will be delivered in late 2008 and comprises 10,200 m² of offices above 1,500 m² of ground floor retail, a staff canteen and basement parkings.

The property will be built to the latest international standards including the HQE label. The price close to
€ 50,000,000 reflects a 7.50% yield on a projected rent of €320/m². Robert Waterland of STE comments: "our company is proud to be associated with the regeneration of Porte des Lilas area and to have the opportunity of furthering its co-operation with Nexity".

The company was advised by Awon Asset Management
Agent: Jones Lang Lasalle
Financing: Hypo Real Estate International Bank

Source: Société Tour Eiffel

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