Europa Capital and DeA Capital Real Estate France have teamed up to acquire and refurbish a vacant 1950s office building in Paris.
The pan-European real estate investment manager and French subsidiary of Italian real estate investor have acquired the 3,200sqm office at 26 rue Ordener in the 18th arrondissement of Paris from S2FIT1, the property manager of railway company SNCF.
Europa Capital, which is investing on behalf of its latest value-add fund, Europa Fund VI, said the building will be comprehensively refurbished using existing materials within the building to improve its environmental credentials while creating a working environment that meets the requirements of today’s modern occupiers.
The building’s façade will be restored to retain its original external character, while the planned programme of internal works include improved wall insulation, energy-efficient heating, ventilation and air conditioning, and upgraded occupier services.
The scheme, which is expected to complete in 2023, aims to achieve optimal environmental accreditation through HQE, BBCA and WiredScore certification.
Jason Oram, partner and fund manager at Europa Capital, said: “Constructed in the 1950s by SNCF for the benefit of its workers at the neighbouring Chapelle depot, it seems fitting that 70 years later, the ‘raison d’être’ of this building will remain the well-being of the occupiers.
“Our decision to retrofit the property using existing materials where possible, whilst also introducing a comprehensive suite of cutting-edge sustainability measures, will produce a greener building with less bearing on the environment.
“Despite the impact of COVID-19 on occupational take up, vacancy levels for new, grade-A office space in Paris remain extremely low. Completion of the refurbishment is not expected until mid-2023, and with little new supply coming to the market in the medium term, we expect there to be good demand for this well located, high quality building.”
Emanuele Dubini, CEO at DeA Capital, added: “This acquisition represents a first milestone in our inner-Paris office strategy.
“We are delighted to collaborate with Europa Capital on this exciting redevelopment, with a clear focus on value generation while environmental and sustainability aspects remain the key features of this project.”
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