Europa Capital, the pan-European real
estate investment manager, announces that it has acquired, in partnership with
DeA Capital Real Estate France, a landmark post-war, 3,200 sq m office building
in Paris, France, from S2FIT1, the office and industrial property manager of
the SNCF group. The acquisition has been completed on behalf of Europa
Capital’s latest value add fund, Europa Fund VI.The vacant property, which was
constructed in the early 1950s and benefits from an abundance of natural light,
will be comprehensively refurbished, maximising the reuse of existing materials
within the building, to improve its environmental credentials and create a
working environment which meets the requirements of today’s modern occupiers. Outwardly, the building will retain its
original character with a restored façade, whilst the planned programme of
internal works will include improved wall insulation, an energy efficient
heating, ventilation and air conditioning system, and the provision of upgraded
occupier services to cater for the very latest working practices.The scheme, which is expected to complete
in mid-2023, aims to achieve optimal environmental accreditation through HQE,
BBCA and WiredScore certification.Situated at 26 rue Ordener in the 18th
arrondissement of Paris, France, the building will offer occupiers an
all-important city centre postcode, with the Marcadet-Poissonniers’ Metro
Station positioned adjacent to the property providing direct links to the
city’s main transport hubs, including Gare du Nord; Gare de l’Est; Gare Saint
Lazard; and Châtelet–Les Halles. Sustainability is also at the forefront
of the Local Authority’s urban plan policies, with significant investment in
urban regeneration schemes within a few hundred metres of the property, including
new amenities and housing.Jason Oram, Partner & Fund
Manager at Europa Capital, commented: “Constructed in the 1950’s by SNCF for the benefit of
its workers at the neighbouring Chapelle depot, it seems fitting that 70 years
later, the ‘raison d’être’ of this building will remain the well-being of the occupiers.
Our decision to retrofit the property using existing materials where possible, whilst
also introducing a comprehensive suite of cutting-edge sustainability measures,
will produce a greener building with less bearing on the environment.“Despite the impact of Covid-19 on
occupational take up, vacancy levels for new, Grade A office space in Paris
remain extremely low. Completion of the
refurbishment is not expected until mid-2023, and with little new supply coming
to the market in the medium term, we expect there to be good demand for this
well located, high quality building.” Emanuele Dubini, CEO at DeA
Capital, added: “This acquisition represents a first
milestone in our inner-Paris office strategy. We are delighted to collaborate
with Europa Capital on this exciting redevelopment, with a clear focus on value
generation while environmental and sustainability aspects remain the key
features of this project.”Europa Capital and DeA Capital Real
Estate France were advised by Lasaygues, Mayer Brown, PwC, Theop and CBRE. Ateliers
2/3/4 Architects have been appointed to the project.
