A sale signed in July this year of the Memphis building in Paris between 50:50 JV owners Norges Bank Investment Management and AXA France with buyers La Française Real Estate Managers, acting on behalf of two collective real estate investment vehicles, and EDF Invest, has now completed.
EDF Invest is the investment arm of French state-owned energy group, EDF, which owns UK electricity and nuclear generator plants among other assets.
La Française did not confirm the price, but NBIM said in July that it would receive €65.1 mln for its half stake.
Fully renovated in 2021 by architects Ory and Saguez & Partners, the 8-storey building is one of three composing the M7 property complex. It is BREEAM Excellent certified and has the WiredScore Gold label.
It underwent major renovations to improve its energy performance, including the installation of high-performance fan convectors and energy efficient lighting, and the replacement of air handling units. A plan to improve the energy performance of the retail space is also planned in 2024.
The asset is fully leased to eight tenants operating in a biotech research and development, cosmetics, the agri-food industry, digital transformation consulting and sports equipment.
Philippe Depoux, president of La Française Real Estate Managers, said: ‘We are extremely satisfied with the conclusion of this investment which associates our collective real estate investment vehicles and EDF Invest. Its centrality and the quality of its renovations and services are all factors that should support the attractiveness and valuation of the asset.’
Assia Oudni, investment director - Real Estate, EDF Invest, added: ‘This acquisition is consistent with our belief in the necessity for high quality and flexible office space for tenants and reflects our confidence in the market fundamentals of the zone.’
La Française REM and EDF Invest were advised by the notarial office Allez & Associés, Fairway on the transaction and financing and Artelia on technical aspects. The firms Mayer Brown and Lacourte Raquin Tatar advised La Française REM and EDF Invest as well.
EDF Invest is the investment arm of French state-owned energy group, EDF, which owns UK electricity and nuclear generator plants among other assets.
