TH Real Estate
, acting on behalf of the Cityhold Office Partnership (CHOP), has acquired an iconic development covering 28,262m² (304,210ft²) in the Morland Mixite Capitale Parisian urban regeneration development, located in the heart of Paris, from Societe Parisienne du Nouvel Arsenal, represented by Emerige
. This highly strategic acquisition reflects international investors' interest in innovative and sustainable mixed-use developments in the best locations in Paris. Once complete, the Morland Mixite Capitale development will include 9,171m² (98,715ft²) of office space, 970m² (10,441ft²) of retail space, a 4,151m² (44,681ft²) youth hostel with 404 beds, a 10,597m² (114,065ft²) hotel-restaurant-bar, an 813m² (8,751ft²) nursery, a 1,749m² (18,826ft²) swimming pool and fitness area, a 521m² (5,608ft²) food market, the 290m² (3,122ft²) artistic laboratory "Paris Art-Lab", and 33 parking spaces. Expected to complete in H1 2021, the development is part of the structural and architectural regeneration of the former Paris Prefecture, an emblematic 43,000m² (462,848ft²) site.
The Accor Group
will operate the 161 room, 5 star hotel under its ‘SO’ brand. Highly innovative and in tune with latest design trends, the hotel will feature a panoramic restaurant and bar on the 15th and 16th floors where visitors will be able to enjoy both an impressive panoramic art structure designed by the Icelandic-Danish artist Olafur Eliasson
in conjunction with Studio Other Spaces
, and spectacular views out over the city. The youth hostel will be operated by France Hostel
, marking its first location in the heart of the French capital.
"Morland Mixite Capitale is an iconic real estate project with exceptional development prospects at the very heart of the capital. Its prime location, mixed-use – specifically designed to cater for occupier demand and new ways of using space – and its emphasis on innovation in terms of its design concepts, technology and sustainability, make it a true model of urban regeneration for the cities of tomorrow. We are extremely proud to be participating in this project, alongside such first-rate players, united in our firm belief that mixed-use will be key in the future of large cities. This exceptional acquisition allows us to further enhance our product portfolio and is a testament to our growth aspirations for French investment," commented Christel Zordan, Head of France, TH Real Estate.
“The acquisition of Morland demonstrates CHOP’s strategy for investing in prime mixed-use development projects strategically located in growing city centre locations in Europe’s major cities. Developing future-proofed prime assets in the optimal city centre locations remains fundamental to our investment strategy and we will continue to look for further opportunities both in Paris and across Europe, as we seek to grow the venture to €4bn+ in the coming 2-3 years,” added Jasper Gilbey, Fund Manager, Cityhold Office Partnership, TH Real Estate.