IVG Immobilien Leases out 10,000 m² to Bank Subsidiary in Paris

Major leasing success for IVG Immobilien in Paris: immediately after the departure of the previous tenant, L´Immobilière du CMN has rented the office building at 173-175 Boulevard Haussmann as its new head office with 10,600 m² of space and 205 parking spaces. The lease contract between the real estate subsidiary of the major French bank Crédit Mutuel Nord Europe and the IVG branch in Paris will take effect this year for a term of nine years.

During this term, the agreed rent will range from €45 to €49/m² per month (€540 â€" €588/m² p.a.), reports Tommy Karlsson, manager of the IVG branch in the French capital.

In addition to the successful leasing deal by the Paris IVG branch, Bernd Kottmann, Portfolio Management director for IVG Immobilien AG, sees further signs of recovery on the real estate market in Paris: 'We are seeing an increasing number of lease inquiries and are expecting another increase in the leasing volume in the coming year.'

The office building is situated in the centre of Paris, at the corner of the famous Boulevard Haussmann and Rue Faubourg St. Honoré. Its size and attractive architecture combined with its economical use of space make it one of Paris´s most sought-after office properties. The building belongs to the portfolio of the Paris IVG branch, a real estate portfolio which is worth approximately €305 million and covers 34,100 m² of leasable space in the centre of the city.

L´Immobilière du CMN is responsible for managing the entire real estate portfolio of the Crédit Mutuel banking group which, with a balance sheet total of some €60 billion, is one of the five largest banks in France. With 4,750 branches and 13.2 million customers, Crédit Mutuel has a market share of 15.6% on the French credit market.

IVG Immobilien manages a real estate portfolio worth approximately €6 billion and is currently developing a proportional project development volume of €1 billion. IVG Immobilien´s investments are focused on major cities and growth centres in Europe.

Source: IVG

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