A joint venture of Stam Europe, AEW Europe and Tristan Partners has signed a forward purchase contract for the Carré Bréguet development project in the 11th arrondissement of Paris for EUR 110 mln. The vendor is Crédit Agricole Immobilier.

The asset, originally developed in the 1950s, was bought for Stam REI III and Episo, a fund co-managed by AEW Europe and Tristan. The deal involves cash, some mezzanine as well as senior debt provided by AEW Europe's parent Natixis.

Carré Bréguet, a multi-storey car park in the Bastille area of central Paris, will be completely redeveloped to offer some 25,000 m2 of prime office space and 2,000 m2 of retail areas. It will boast a BBC (Bâtiment Basse Consommation) green rating.

'We saw the investment opportunity presented by the potential uplift in value due to the city of Paris' plans to regenerate the northern Bastille area to the east of the central business district,' said Cameron Spry, head of Investment at Tristan. 'This will turn the neighbourhood into a more dynamic mixed-use commercial hub of offices and retail and transform the area from its current focus on the wholesale retail sector.'

'This opportunity completes the investment programme of Stam REI III with a large exceptional asset,' said Antoine de Broglie, president of Stam Europe which will asset-manage the property on behalf of the joint venture.

BNP Paribal Real Estate and Knight Frank are responsible for the marketing of the asset.