Primonial REIM has acquired an office building in Paris from a joint venture of local developer Emerige and Swiss-based energy group Addax et Oryx for €165 mln.
Primonial REIM has acquired an office building in Paris from a joint venture of local developer Emerige and Swiss-based energy group Addax et Oryx for €165 mln.
Built in 1870, the scheme was previously used for the manufacturing of Panhard's automotive motors and was redeveloped into offices in 2010-2013.
The property at Avenue d’Ivry in Paris' 13th district currently boasts a 'Very Good' rating under BREEAM environmental standards and provides a total of 21,700 m2 mainly let to French railway group SNCF.
Crédit Foncier has arranged structured financing to fund the acquisition. Bank Caisse d’Epargne Nord France Europe and insurer Generali Vie are also participating in the funding.
Primonial, which manages €2.6 bn of assets in France, carried out the acquisition on behalf of one of its OPCI investment funds.
The buyer was advised by law firm CGR Legal and GR Groupe. Wargny-Katz and De Pardieu Brocas Maffei acted for Emerige and AOG.
