Barings Real Estate, part of Barings, has agreed to buy VEFA Canopy, a class A office development in Pré Saint Gervais bordering Paris, in an off-market transaction, as part of a pan-European core investment strategy on behalf of institutional investors. The seller is Nexity Immobilier d’Entreprise. A sales price was not disclosed.
The development will comprise approximately 70,000 square feet of office space across three floors, along with a basement that has parking for 74 cars. The property, which is due to complete in October 2018, is currently being developed by Nexity Immobilier d’Entreprise, one of France’s largest developers.
The build quality is such that the property will be granted HQE and WELL certifications as well as a BREEAM “very good” asset performance rating. Situated in Pré Saint Gervais, a suburb northeast of Paris, the asset is in a location offering close proximity to the Paris ring road and is a short walk from Hoche Metro station (line 5), which provides direct access to the center of Paris within 25 minutes. The area is becoming increasingly attractive to high-profile companies that are looking to benefit from the area’s strong location and distinct architectural styles, and as a result there is a limited supply of grade A space available.
Gunther Deutsch, head of real estate transactions, Europe at Barings, said, “Following a number of logistics transactions, we are pleased to have closed on our first office transaction in France, on behalf our of pan-European core investment strategy. We continue to be interested in opportunities spanning the retail, office and logistics sectors in France, Italy, Spain, Germany, United Kingdom and the Scandics with a core to value-add risk profile.”
Barings was advised by Oudot & Associés (Notary) and Aliuta (Technical), and Nexity Immobilier d’Entreprise was advised by Etude Trocadero (Notary) and JLL (Real Estate).
