AltaFund, the EUR 1.2 bn office property investment fund managed and operated by Altarea Cogedim, has made its first acquisition with the purchase of the Boulevard Raspail office building on the left bank of the Seine, in the sixth arrondissement of Paris.
AltaFund, the EUR 1.2 bn office property investment fund managed and operated by Altarea Cogedim, has made its first acquisition with the purchase of the Boulevard Raspail office building on the left bank of the Seine, in the sixth arrondissement of Paris.
The scheme, which offers 9,900 m2 of lettable space and 220 parking units, was sold through a tender process organised by Crédit Agricole Immobilier which advised the seller, SCI Raspail, a fully-owned subsidiary of Crédit Agricole.
The property was designed and developed in the late 1970s by Cogedim. AltaFund plans to restructure the existing building while keeping the initial design in order to create a 'remarkable property of exemplary environmental quality'. The building will enjoy HQE Excellent and BREEAM Excellent certifications, and will target a BBC Rénovation label.
The building permit will be filed in the fall of 2012, and work should start in spring 2013, with completion expected for late 2014.
'This first acquisition is perfectly in line with the objectives we have set for AltaFund. We want to create remarkable properties in prime locations meeting the highest market standards in terms of environmental performance, functionality and architecture. Once restructured, this Boulevard Raspail building will undoubtedly attract a company seeking top quality headquarters in the uprising Left Bank market,' said Stéphane Theuriau, Chairman of AltaFund.
AltaFund was advised by Cheuvreux, Clifford Chance and Jeantet & Associés. SCI Raspail was advised by Oudot Associés.
