Global investment firm LaSalle Investment Management has acquired an office development on rue Jeanne d’Arc from AG Real Estate, on behalf of its pan-European fund Encore+.
Financial details of the forward-funding deal were not disclosed.
'This asset is an outstanding example of the location-focused strategy of Encore+, with strong DTU+E credentials and in a strategic location with a mixed-used environment,' said David Ironside, fund manager for Encore+.
'Our teams actively seek out opportunities in dense locations with strong demographics, technology industries, and excellent public transport connections. We look forward to welcoming our tenants in 2021,' Ironside added.
The property is located in the 13th arrondissement near to the world's largest tech start-up incubator, Station F, which was opened in 2017 under the initiative of Xavier Niel, LaSalle said.
The deal involves the development of a new 9,800 m2 building offering flexible office space and amenities including a rooftop area. It will be available for tenant occupation in the summer of 2021.
Designed by the architects Atelier du Pont, its certification goals include standard RT 2012 -40%, HQE sustainable building passport excellent level, Very Good for BREEAM, Gold for WELL as well as Gold for WiredScore.
The deal marks the fund's eighth acquisition in France.
'This project is a perfect illustration of AG Real Estate France's ability to position itself very early in the value creation process, and its expertise in designing premium real estate properties with new uses,' said Arnaud Guennoc, general manager of AG Real Estate France.
'The building will be built in partnership with Les Nouveaux Constructeurs under a real estate development contract. We are very proud of this first operation in the 13th district of Paris, an extremely dynamic neighborhood, with which we continue our collaboration through the Nouvel R project, the recent winner of the Inventer Bruneseau call for projects,' Guennoc added.