Europa Capital has sold its 10,500 m2 waterfront development site in Boulogne-Billancourt to BNP Paribas Real Estate for an undisclosed sum.
BNP Paribas Real Estate secured a building permit for a new 37,000 m2 headquarter office development in 2016, thus satisfying the principal condition attached to the purchase contract.
‘We are pleased to have completed this significant sale from Fund III,' said Nic Fox, partner and head of Europa’s middle Europe business division. 'Once redeveloped, the site will comprise a world-class property deserving of its prominent waterfront location facing the newly-completed concert hall, consistent with our original vision.'
Europa's Fund III purchased the plot, known variously over its life as ‘Square Com’ and ‘57 Métal’, in July 2010 from car manufacturer Renault subject to a short term leaseback. Europa planned to procure entitlements for redevelopment in favour of office use.
The site was occupied by Renault until 2013 as its convention and exhibition centre, and remains the last undeveloped site within what was once Renault’s original manufacturing plant.
A new ‘Pont de Sevres’ Grand Paris metro station is to be located at the western edge of the site, connecting the property to central Paris in 13 minutes, as part of the district's redevelopment.