Canadian investor Ivanhoé Cambridge has signed a preliminary agreement to buy the Petra development project in the district of Seine Rive - Ile Seguin in Boulogne-Billancourt, just outside of Paris. Financial details were not disclosed.

Petra, involving some 21,400 m2 of office space, is being erected by US developer-investor Hines France on behalf of its investment fund, HEDF Global. The scheme located on a site previously owned by Sicofram Renault is expected to be delivered in late 2013. Architects Baumschläger & Eberlé Associés were recently appointed for the design, and will be assisted by local firm Berhardt & Curk.

The project is part of a vast regeneration programme to transform the former Renault factory site into an ultra-modern cultural hub. Renault's factory has lain abandoned since the manufacturer moved out in the early 90s.

'In addition to its high architectural quality, this operation aims to be exemplary in terms of environmental strategy as it targets multiple sustainability certification such as the Leed Gold, the BBC Effinergie label and the NF-HQE rating,' said Meka Brunel, executive vice-president Europe of Ivanhoe Cambridge.

Ivanhoé Cambridge was advised by law firms Wargny et Katz and Pardieu Brocas while Maître Théret and Lacourte acted for Hines.