UK insurer Standard Life has concluded a deal to forward-purchase a new €47 mln office development in Paris, its second in the region within the last eight months.
UK insurer Standard Life has concluded a deal to forward-purchase a new €47 mln office development in Paris, its second in the region within the last eight months.
The office will be developed by PRD and provide 11,200 m2 of Grade A office space, plus 107 parking spaces in Nanterre in the western suburbs of Paris. The building has been designed to meet HQE and BREEAM ‘Excellent’ certification and is expected to complete in 2017.
The transaction is Standard Life Investments’ second forward purchase of a development in the Paris region following the acquisition of a 15,000 m2 office development in Levallois in December 2014.
Daniel McHugh, head of Continental European real estate at Standard Life Investments, commented: ‘We have a clear strategy to acquire prime assets in core markets with an element of leasing risk, to deliver attractive risk-adjusted returns. This acquisition will provide us with a fantastic new build property in arguably one of the best markets in Europe in which we expect to see strong occupier demand and rental growth in the next few years.’
Standard Life Investments represented itself, while PRD Office was advised by Catella.
