AXA Investment Managers - Real Assets has announced the first disposal from its Qu4drans office development next to the River Seine in Paris’ 15th arrondissement, just a few months after delivery of Phase I.
AXA IM - Real Assets said on Thursday that it has sold the 25,800 m2 East building for an undisclosed amount.
'This sale marks a significant milestone for Qu4drans as it illustrates the recognition of this unique scheme and confirms the quality and performance of the four buildings. This first transaction leaves us confident in the prospects of commercializing the remaining three buildings,' said Pierre Vaquier, CEO of AXA IM - Real Assets.
The development site was initially acquired by AXA IM - Real Assets in May 2011 on behalf of its European development fund, Development Venture III (DV III).
Designed by Wilmotte & Associés architects, Qu4drans comprises four independent office buildings – North, South, East and West – totaling 86,000 m2, which have been built out in two phases.
The first phase of the project, which includes the 25,800 m2 East and 20,000 m2 South buildings, was finished at the end of 2015. Phase two of the project was launched in December 2015 and provides an additional 40,000 m2 of office space across the North and West buildings. It is due to complete at the beginning of 2018.
'This large-scale development demonstrates our confidence in the strength and prospects of the Parisian office market, as this development sits proudly alongside other landmark offices buildings in our portfolio, including the recently acquired Tour First in La Défense,' added Vaquier.
AXA IM - Real Assets currently has €10.5 bn worth of projects under development, €3.9 bn of which are in France.
Earlier this week, the French asset manager completed the acquisition of a speculative office redevelopment site in Puteaux, next to La Défense business district in Paris. Construction of the new 18,500 m2 office building will start in September 2016.
