Allianz Real Estate has provided €200m in financing to support a Paris office complex development backed by Ivanhoé Cambridge.
Last week, ICAWOOD, a real estate investment fund launched by ICAMAP and Ivanhoé Cambridge, with the support of WO2 and BNP Paribas announced that it had raised €650m for the acquisition and development of Arboretum.
Allianz, acting on behalf of several Allianz group companies, said it has provided the €200m to the consortium for the development of Arboretum, the first office campus in the Paris region to be constructed primarily from wood and also the largest solid-wood office development in Europe.
Arboretum will consist of seven buildings spread over nine hectares, of which six will consist of private green spaces. The campus will offer over 126,000sqm in office and services gross leasable area.
The site is set for delivery from 2022.
Roland Fuchs, head of European real estate financing for Allianz Real Estate, said: “We are delighted to be playing a central role in one of Europe’s most exciting office developments.
“With its unique design, build process, extensive use of timber, and absolute focus on environmental best-practice during its operational life, Arboretum’s carbon footprint will be positive compared to traditional concrete buildings.”
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