Züblin Immobilière France is partnering with fund manager Viveris Reim to launch an OPCI investment vehicle which will focus on the upgrade of existing buildings to comply with the Grenelle 2 energy-efficiency requirements.

Züblin Immobilière France is partnering with fund manager Viveris Reim to launch an OPCI investment vehicle which will focus on the upgrade of existing buildings to comply with the Grenelle 2 energy-efficiency requirements.

In a statement, Züblin said that it plans to transfer two office projects in the River Seine, Jatte 1 and Jatte 2 to the new fund. The financial details were not disclosed.

'This operation represents a strategic growth opportunity for Züblin and its shareholders and will allow to help finance the renovation works for the properties at the île de la Jatte as well as to boost the group's revenues,' the company said.

Following approval of the Grenelle 2 environmental law, the energy efficiency of buildings and the redevelopment of outdated properties will become an important issue in the commercial real estate industry in the coming years, Züblin added.

Züblin Immobilière, the French property arm of Swiss group Züblin, has posted a net profit of EUR 5 mln in the first three quarters of the year, compared to EUR 9 mln in the same period a year before. The company, which owns a portfolio of eigth assets in the Paris region, Lyon and Marseille, decided to redevelop the Jatte 1 and Jatte 2 buildings after receiving expressions of interest from potential occupiers. Designed by architects KCAP and Atelier 115, the Jatte 1 project is expected to start in 2011 with delivery scheduled for 2013.