European private equity firm AnaCap Financial Partners and German developer-investor Freo Group have agreed to forward purchase an 11,100m2 office development in the south of Paris from French developer Coffim Group.
Financial details were kept confidential.
Due for completion in early 2023, the office development has been designed to meet post-Covid expectations in terms of air ventilation and access to outdoor spaces. The office will include 10 terraces and more than 800 m2 of gardens on the ground floor, 100 bicycle racks and electric chargers for cars. It is targeting a number of ESG-related certifications, including HQE, BREEAM and OsmoZ, a certification introduced in 2018 that is based on the quality of life of employees.
The building is located in Chatillon, an easily accessible district with a low vacancy rate, and is located close to the Paris Montparnasse railway station and the future Paris Métro Line 15.
Coffim will continue to develop the asset to completion.
The advisers for this transaction were Screeb (Notary), Fieldfisher (Lawyer), JLL (technical adviser).
The deal is the latest acquisition by Freo in Paris following the acquisition last year of the Collisee II office project comprising 11, 488 m2 of space in the Saint-Ouen region in the north of Paris.
Romain Frémont, managing director of FREO France, said: 'This acquisition is a strong endorsement of our commitment to and confidence in the post-COVID office, as well as the robust demand for certified and ESG-compliant assets. Paris remains a dynamic market that is characterised by a lack of core supply, and this was a rare opportunity to acquire a development opportunity in a compelling location. We believe that well-connected locations such as Chatillon will become increasingly popular in the wake of the pandemic.'
