French property company Gecina has completed the acquisition from Hines European Development Fund of the 19,612 m[sup]2[/sup] Khapa office and retail building at the former Renault sites in Boulogne-Billancourt, in Paris' western crescent, for EUR 157mln.
French property company Gecina has completed the acquisition from Hines European Development Fund of the 19,612 m2 Khapa office and retail building at the former Renault sites in Boulogne-Billancourt, in Paris' western crescent, for EUR 157mln.
The acquisition is part of the partnership agreement sealed between Gecina and the US investor at the end of 2005 for the development of four office buildings in this new Boulogne-Billancourt district. The other properties consist of L’Angle, delivered in April this year and leased to the French newspaper L’Equipe, Anthos, with delivery scheduled for 2010, and Horizons, which is due for completion in 2011.
Designed by architect Norman Foster, Khapa is the second building delivered as part of Gecina-Hines' Made for People development program, which covers close to 81,000 m2. Khapa is fully leased to the pharmaceutical group Ipsen under a nine-year closed lease.
Law firms De Pardieu Brocas Maffei, Bredin Prat and the Oudot et Associés notary's office acted for Gecina, while the Lacourte Balas & Associés and Baker Mc Kenzie law firms and the SCP Robert Théret & Associés notary's office advised Hines.
