Societe de la Tour Eiffel (STE) is set to launch the first phase of its major redevelopment program on the existing Alstom facility in Massy to the southwest of Paris. The SIIC company will invest EUR 50 mln to build a new 18,000 m[sup]2[/sup] office building on the 18-hectare site. Developer Nexity has been hired to manage the asset.
Societe de la Tour Eiffel (STE) is set to launch the first phase of its major redevelopment program on the existing Alstom facility in Massy to the southwest of Paris. The SIIC company will invest EUR 50 mln to build a new 18,000 m2 office building on the 18-hectare site. Developer Nexity has been hired to manage the asset.
Alstom will lease the building for a 9-year fixed term upon delivery scheduled for late 2009. The rent of EUR 4.1mln per annum equates to EUR 230/m2, STE said in a statement. The investment is being financed by Societe Generale and Credit Foncier via a fixed rate 9 year mortgage loan. The company also said that the site offers further development potential of 65,000 m2 expected to generate up to EUR 20mln of income per annum.
