Wereldhave buys Paris project from BNP Paribas

Dutch listed property firm Wereldhave has reached an agreement to buy the Noda office development project in Paris for an investment volume of EUR 138 mln.

The project, designed by architect Jean-Paul Viguier, is located on the Seine river banks in the south-western Parisian suburb of Issy-Les-Moulineaux. It will be developed by BNP Paribas Real Estate on a turnkey basis, with Wereldhave taking on the letting risk.

The scheme - which is targeting BREEAM Excellent label - is expected to produce a net initial yield of 7.3% upon completion.

Noda will offer 22,123 m² of net lettable area and two underground parking garages for 312 cars. Construction is expected to start in the third quarter of 2012 with completion scheduled for the third quarter of 2014.

Hans Pars, CEO of Wereldhave, said: 'There is a healthy demand in the Greater Parisian office market from tenants for efficient, energy conscious and well located office space larger than 10.000 m². We are therefore confident in successfully letting this development.'

Last month the Amsterdam-listed firm also acquired Ealing Broadway shopping centre in West London. The investment volume of EUR 182 mln reflected a net initial yield of 6.5%.