US Prudential Financial's real estate investment management arm PGIM Real Estate has signed a forward purchase agreement for the development of the Swell office complex in Bac d’Asnières, Clichy, near Paris.
The transaction - which is being financed by BNP Paribas - was executed off-market on behalf of investors of a discretionary pan-European value-add fund. Financial details were kept confidential.
The property comprises two 9,700 m2 buildings and is located in the urban development zone of Bac d’Asnières, which is currently being redeveloped and will host mixed-use office, industrial and residential space.
Swell was designed by architect Jean-Baptiste Pietri and is due for completion in 2020 by developer Ogic.
'This transaction illustrates PGIM Real Estate’s ability to capitalize on its strong market connections to acquire this attractive development project off-market,' said Jocelyn de Verdelon, PGIM Real Estate’s head of France, Spain and Portugal. 'Moreover, it represents a unique opportunity to create value for our investors by offering institutional tenants new office areas in a dynamic and evolving location, close to Paris-Levallois.'
Emmanuel Launiau, Ogic’s chairman of the board of directors, added, 'Following the successful refurbishment of 41 rue Ybry in Neuilly, this is our second development in collaboration with PGIM Real Estate and illustrates the long-term relationships that OGIC weaves with its partners.'
PGIM Real Estate was advised by Wargny Katz & Associés, Builders & Partners and De Pardieu Brocas Maffei. Financing was provided by BNP Paribas.
