SEB Asset Management has signed a preliminary contract to acquire 'Claude Bernard A2', a high-quality new office building in Paris still under construction, from BNP Paribas Real Estate Property Development. The property will be added to SEB's ImmoInvest open-ended real estate fund. The parties agreed not to disclose the price.
SEB Asset Management has signed a preliminary contract to acquire 'Claude Bernard A2', a high-quality new office building in Paris still under construction, from BNP Paribas Real Estate Property Development. The property will be added to SEB's ImmoInvest open-ended real estate fund. The parties agreed not to disclose the price.
Completion of the eight-storey office building with around 11,200 m² of rental space and an underground car park is planned for May 2012. BNP Paribas Real Estate Property Development will carry the full project and construction risk until the building is accepted by SEB. BNP Paribas will take a nine-year lease on the building.
'Taking into account the current market cycle, this new acquisition offers us a good opportunity to re-enter the Paris investment market', said Barbara Knoflach, CEO of SEB Asset Management.
Claude Bernard A2 is located in the 19 th Arrondissement, directly on the northern outskirts of Paris in the ZAC Claude Bernard city development area. The building has been pre-certified in accordance with the HQE environmental standard.
