French listed property group Foncière des Régions has announced the purchase of the headquarters of French construction group Vinci in the heart of the Rueil-sur-Seine business district in Rueil-Malmaison, Paris, for a price of €129 mln.
The office complex is located next to the Rueil-Malmaison station of the RER (the Paris regional rapid transit system) and comprises 36,000 m2 of floor space split between three independent buildings and 978 parking spots.
The deal reflects a yield of 7.8%, based on an annual rental income of €10 mln a year.
FdR said the rental income is guaranteed for four years, giving it enough time to define the redevelopment of the site to be implemented after the departure of the Vinci Group. Delivery of the new building is planned for 2022.
'With this acquisition, Foncière des Régions again illustrates its ability to position itself in complex real estate transactions, in which it can utilise its know-how as an integrated real estate operator to generate value over the duration of the project,' said Olivier Estève, deputy general manager of FdR.
Rueil-Malmaison is currently one of the most dynamic departments of the Ile-de-France region, thanks to the over 100,000 companies located in this area. The district provides nearly 770,000 m2 of office space with major tenants including Unilever, PSA, Schneider Electric, Cardif, Total, Veolia and Vinci.
Earlier this month, BNP Paribas Real Estate unveiled plans to develop the new French headquarters of Swiss pharmaceutical group Novartis in this western suburb of Paris. Named Novartis Campus, the office complex was designed by architects Quadri Fiore and will be developed by the BNP Paribas Real Estate development teams over the next three years with a view to deliver the scheme by 2019.
The investment department of BNP Paribas Real Estate announced at the MIPIM trade fair in Cannes that it will soon start looking for an investor in the project, which has been leased off-plan for 10 years without break option.
