Goldman Sachs Asset Management and Hemisphere have agreed to buy the first phase of the Envergure complex near Paris from developers Icade Promotion and SEMIIC Promotion.
Financial details were kept confidential.
Covering around 32,500 m2, the asset is part of a project in Romainville (Seine-Saint-Denis) which will be developed in two phases, totalling nearly 47,600 m2 of office space. The asset is leased to the French Tax Office (DGFiP).
A portion of the project’s second phase—namely a speculative development of 15,150 m2 of office space, is also planned to be sold to Goldman Sachs Asset Management and Hemisphere, with the deed of sale scheduled to be signed in the autumn of 2022.
Hemisphere will act as an operating partner alongside Goldman Sachs Asset Management.
The project is expected to be completed in the summer of 2024 and Q1 2025 respectively for the first and second phase.
CBRE and BNP Paribas Real Estate brokered the sale.
