BNP Paribas REIM has acquired the Allure Building in the Clichy-Levallois district of Paris.
The 8.400 m2 office building was acquired from CarVal Investors.
Allure is located right next to the Clichy-Levallois train station and the So Ouest shopping centre. The financial details were not disclosed for the second significant real estate transaction in the region this month. South Korean institutional investor Vestas Investment Management emerged on 3 October as the buyer of the So Ouest Plaza mixed-use scheme in north-west of Paris, for over €470 mln.
Allure was entirely refurbished in 2016 and has a BREEAM and dual BBC / Effinergie certification. This 9-floor building houses a number of tenants and has several terraces and patios.
The property has been acquired for Next Estate Income Fund II (NEIF II) managed by BNP Paribas REIM Luxembourg, structured via an OPCI managed by BNP Paribas REIM France.
NEIF II fund is a pan-European fund offering diversification in the Eurozone office sector to international institutional investors with a yield target of 5% per annum.
Laurent Boissin, investment advisor for the NEIF II fund, said, 'This is the 11th transaction by NEIF II fund, contributing to the geographic diversification of the portfolio in the main cities of the Eurozone. It also reflects our intention to form a portfolio of buildings that meet tenants’ expectations but also those of investors in terms of the ecological sustainability of their assets.'
The seller was advised by Left Bank and BNP Paribas Real Estate Transaction France. Thibierge et Associes and Haussmann Notaires were the respective notaries of the buyer and the seller.
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18 October 2017
France Investment Briefing
TaylorWessing UK, 5 New Street Square, London
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Speakers at this event include: -
Raphaël Tréguier
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Benjamin Cartier-Bresson
Head of Paris Office Berlin Hyp AG, France
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Partner TaylorWessing, France
Ludovic Bernard
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Guillaume Turcas
Teacher • Real Estate Professional Dauphine University, France
