Amsterdam-listed Wereldhave has reached agreement on the acquisition of an office building yet to be built in Joinville-le-Pont, in the eastern periphery of Paris for EUR 67 mln. The project will be delivered by developer Icade on a turnkey basis, with
Amsterdam-listed Wereldhave has reached agreement on the acquisition of an office building yet to be built in Joinville-le-Pont, in the eastern periphery of Paris for EUR 67 mln. The project will be delivered by developer Icade on a turnkey basis, with
Wereldhave taking on the letting risk.
The investment volume is expected to produce a net effective yield upon completion of approximately 7.5%.
The state-of-the-art office building will have a 17,670 m2 net lettable area divided over seven large floor plates and two layers accommodating 208 parking spaces. The project, designed by the renowned architect Jean-Paul Viguier, will comply with the most recent criteria for sustainability, including the BREEAM Excellent label. Construction is expected to start in the third quarter of 2011 with completion scheduled for the second quarter of 2013.
Hans Pars, CEO of Wereldhave, said: 'This investment fits well into our strategy of focusing our French operations only on high quality, sustainable office buildings on sustainable locations in the Paris region. The excellent transportation links combined with the immediate proximity of the Bois de Vincennes and its various amenities, will highly contribute to the success of this project.'
