AXA RE begins construction of Paris office campus

AXA Real Estate Investment Managers has begun construction of the first phase of a 86,000 m2 office development in Paris.

Phase one will deliver 46,000 m2 of rentable area and is scheduled for completion in summer 2015.

AXA REIM is undertaking the project on behalf of Development Venture III (DVIII), a pan-European development vehicle which is managed by AXA Real Estate.

The fund acquired the site in May 2011, having been selected as a partner of the Opale-Défense consortium. AXA Real Estate has appointed Sodearif/Icade and Bouygues Construction respectively as development and construction managers.

Designed by Wilmotte & Associés, the project comprises four office buildings totalling nearly 86,000 m2 to be constructed in two phases.

The project is located in Paris's Balard district, next to the new 340,000 m2 headquarters of the French Ministry of Defence which is under construction and will accommodate around 9,300 people once complete in 2015.

The first phase will deliver two buildings of 20,000 m2 and 26,000 m2 of rentable area, each set over eight floors, and able to accommodate around 4,100 people. It will also have space for 375 car parking spaces.

The second construction phase, which will comprise an additional 40,000 m2 of space and 325 more car parking spaces, is expected to commence during 2015 although the delivery schedule is flexible and could be brought forward in accordance with demand.

Development finance for the first phase of the project has been agreed with a consortium of French banks.