BNP Paribas swoops on Neon office in Paris

BNP Paribas Real Estate Investment Managers (REIM) has announced the acquisition of the Neon office building in the Paris region on behalf of the SCPI Accimmo Pierre, from a fund managed by Aberdeen Standard Investments.

Financial details were not disclosed.

With a total floor space of 11,300 m2, the asset is located in the city of Nanterre to the west of Paris in the Docteur Pierre development scheme.

'Completed in 2017, the five-floor building enjoys outstanding real-estate fundamentals and offers open floor areas of about 2,700 sqm with modern services, a vast planted patio, terraces and dual environmental certification: HQE exploitation and Breeam Excellent,' said Guillaume Delattre, deputy general manager of BNP Paribas REIM France.

According to BNP Paribas, this historical site has been in turn a toothpaste factory, former headquarters of French company Natalys, and is now a mixed development scheme hosting a combination of offices and housing.

Spie Batignolles has signed a lease for over 60% of the asset.

The deal means that the Accimmo Pierre fund, managed by BNP Paribas REIM France, concludes 2018 with €573 mln invested and an investment pipeline of €220 mln secured.

In addition to the Neon building, several acquisitions of over €100 mln have been made, said the firm, with Carat 1 signed recently at Châtillon-Montrouge, 49-51 Rue La Boétie in Paris 8th arrondissement, as well as Dock-en-Seine in Saint-Ouen.

The buyer was advised by the notary Thibierge, whilst the seller was represented by Oudot & Associés as well as BNP Paribas Real Estate Transaction France.


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