La Française Real Estate Managers (REM) has acquired an 8,778sqm mixed-use development in southern France from BNP Paribas Real Estate for an undisclosed sum.
The project at 49-53 boulevard des Dames in Marseille will include a 237-room hotel with 7,582sqm and a 945sqm co-working space spread over three floors, as well as a 251sqm pharmacy, which already exists and will not be altered by the project, La Française REM said.
La Française REM is acquiring the asset on behalf of two of its real estate investment vehicles.
Olivier Bokobza, chairman of BNP Paribas Real Estate’s property development arm said the development involves the refurbishment of an obsolete commercial property belonging to the BNP Paribas Group.
Delivery is scheduled for the end of 2025. After the handover, the hotel and co-working space will be operated by the hotel operator Ruby Hotels.
Leslie Villatte, director of institutional real estate investments and development in France of La Française Real Estate Managers – institutional division, said the investment “strengthens the diversification of our portfolio of tourism assets with the addition of a first-rate operator”.
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