DTZ Investors France has sold an office building located in Issy-les-Moulineaux, to BC Partners European Real Estate I Fund (BCPERE I), which is advised by BC Partners Real Estate (BCPRE), the real estate investment arm of BC Partners, for an undisclosed amount.
Currently let to BNP Paribas Real Estate, the 7,100 m2 office building is located within Issy-les-Moulineaux’s office district.
Developed in 2011 by BNP Paribas Real Estate, it has been completed to the highest standards, and offers immediate access to public transportation networks (RER C, T2 Tramway, Metro 15) as well as to a major bicycle lane toward central Paris.
BCPRE plans to significantly renovate the entire building – both the interior and exterior – to improve its environmental efficiency and offer attractive new services, notably transforming its top floor and its rooftop into a restaurant and a social space.
The building is currently certified as HQE NF Bâtiments Tertiaires and is targeting BREEAM RFO Excellent and WiredScore Silver upon renovation.
The operation is financed by CACIB through a 'Green Loan' committed to finance projects contributing to the fight against global warming and the transition towards a zero-carbon economy.
'This sale has been completed by DTZ Investors on behalf of an institutional client, as part of a long-term investment strategy. DTZ Investors also follows short and mid-term value-add strategies, by co-investing alongside private equity funds. These value-add strategies are deployed in the office space, where the team has completed more than 1.5 million m2 of development and restructuring projects, but also in logistics and now in activity and retail parks, where we see new market opportunities,' said Alban Liss, Chairman of DTZ Investors (France).
'This fifth investment, and our third one in France, reflects the new real estate paradigm created by technological transformation and reinforced by the health crisis. There is a declining need for standardized workspaces, as employees now have higher requirements for working conditions and expect access to fresh air, sizable outdoor areas, adapted space to brainstorm and socialise and lively and welcoming environments, amongst others. Once renovated, we are confident that this building will meet all these demands,' added Thibault Lauprêtre, partner at BC Partners.
Knight Frank / Stratégie & Corp advised the vendor.
