The French government has exercised its option to acquire Le Millénaire 3, the recently completed headquarters of the Ministry of Justice developed by Icade at rue de la Gare in Paris.
The French government has exercised its option to acquire Le Millénaire 3, the recently completed headquarters of the Ministry of Justice developed by Icade at rue de la Gare in Paris.
The investment volume was €180 mln.
Icade, a subsidiary of Caisse des Dépôts, has been investing heavily in the Millénaire business park where it also developed the new headquarters for service and utility group Veolia. In July last year the French REIT launched the constuction of Millénaire 4 on the last available plot in the park.
The area has benefited from the recent opening of the Millénaire shopping centre as well as from the arrival of new public transport links (extension of metro line 12 and launch of the T3 tramway).
The Millénaire 3 complex was designed by architect Kohn Pedersen Fox and provides 32,240 m2 of space over eight floors. The asset, which has received HQE and BREEAM Excellent certifications, will house over 1,600 justice ministry employees from September 2015.
The French government was advised by Colliers France and law firm Allez, while Icade was advised by Cheuvreux.
