La Francaise Real Estate Partners has bought a 15,000 m2 office building in Paris occupied by BNP Paribas.
La Francaise Real Estate Partners has bought a 15,000 m2 office building in Paris occupied by BNP Paribas.
The seven-storey ‘Balzac’ building in the ZAC Claude Bernard, in the French capital’s 19th arrondissement, was acquired from pan-European Next Estate Income Fund (NEIF), which bought it as a development project in 2010.
The property was acquired on behalf of the supplementary civil service retirement pension fund Etablissement de Retraite Additionnelle de la Fonction Publique (ERAFP).
The ZAC Claude Bernard is part of the North-East Paris urban regeneration programme which aims to create a mixed district of offices, residential and retail properties with amenities and facilities.
The Balzac building is the first sale by NEIF, which was launched in 2010 as a closed-end real estate investment fund under Luxembourg law. The portfolio includes properties in Hamburg, Frankfurt, Milan and Brussels and has a total value of more than €300 mln.
NEIF was assisted by the JLL investment department and the BNP Paribas real estate transaction team.
