Invesco Real Estate has agreed to forward-fund Cluster, a 17,600m² office asset located in Saint-Denis, an established office market in the North of Paris. The asset will be built by experienced developer PRD Office with completion scheduled by Q3 2021. The building will be a next-generation office with terraces, green spaces, car and motorcycle parking, a corporate restaurant and cafeteria. It benefits from strong transport links, with direct metro access to Paris’ CBD, and a future tram station in front of the building. The new grade-A development will be certified BREEAM Excellent as well as Wiredscore. The purchase price was not disclosed.
The Cluster site is located in the vibrant area surrounding the Condorcet Campus, a major development program that will see several Paris universities relocate to Saint-Denis, bringing 12,000 students along with new offices, residential and infrastructure projects. Saint-Denis will also host the Olympic Village in 2024 and is one the main hubs of the Grand Paris project, which aims to transform and modernize the Paris city area, improving life for residents and building a sustainable infrastructure.
Cristiano Stampa, Managing Director – Transactions at Invesco commented: “Cluster represents a great example of Invesco’s capacity to anticipate future needs and to invest in upcoming modern projects. The Condorcet Campus area is benefitting of a strong infrastructures’ improvement and a new generation of assets for public, residential and commercial use. We were impressed with PRD Office’s plans for creating a modern, flexible workspace that will appeal to a range of tenants, and their vision has added real value to the project.”
“Cluster office is an exciting opportunity to participate in the transformational regeneration going on in Saint-Denis,” said Clay Collier, Senior Director – Fund Management at Invesco. “Delivering next-generation offices within strategic locations of prime European cities is a recurring investment theme for us, and our local team was particularly attracted by the quality of design, ESG characteristics and transport links of the micro-location in Paris for this project.”
