PGIM Real Estate signed a forward purchase agreement for the development of SWELL, two office buildings in Bac d’Asnières, Clichy, France.
The transaction was executed off-market on behalf of investors of a discretionary pan-European value-add fund.
The property comprises two 9,700 square-meter (104,409 square-foot) buildings and is located in the urban development zone of Bac d’Asnières, on the banks of the Seine, within the natural extension of the Front de Seine area of the Levallois submarket. Bac d’Asnières is currently being redeveloped and will host mixed-use office, industrial and residential space.
Due for completion in 2020 by developer OGIC, SWELL was designed by architect Jean‑Baptiste Pietri to high architectural standards to attract institutional tenants. Particular attention will be paid to the air quality in the buildings, which will possess spacious entrance halls, a number of accessible terraces, first floors that can be converted into meeting rooms, and a 50-meter (164-foot) façade with a direct view of the Seine.
“This transaction illustrates PGIM Real Estate’s ability to capitalize on its strong market connections to acquire this attractive development project off-market,” said Jocelyn de Verdelon, PGIM Real Estate’s head of France, Spain and Portugal. “Moreover, it represents a unique opportunity to create value for our investors by offering institutional tenants new office areas in a dynamic and evolving location, close to Paris-Levallois.”
PGIM Real Estate is the real estate investment business of PGIM, the $1 trillion global investment management business of Prudential Financial.
