Global real estate investment manager Barings Real Estate has closed its first office transaction in France, with the off-plan purchase of a new scheme in Pré Saint Gervais near Paris from Nexity Immobilier d’Entreprise.
Financial details were not disclosed.
The office development, dubbed Canopy, was acquired as part of a pan-European core investment strategy on behalf of institutional investors. It will comprise around 6,500 m2 of office space across three floors, plus a basement with parking for 74 cars, on completion in October 2018.
'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,' said Gunther Deutsch, head of real estate transactions, Europe at Barings.
'We continue to be interested in opportunities spanning the retail, office and logistics sectors in France, Italy, Spain, Germany, UK and the Scandics with a core to value-add risk profile.'
Canopy is being developed by Nexity Immobilier d’Entreprise, one of France’s largest developers. It will be HQE, WELL and BREEAM ‘very good’ certified.
Pré Saint Gervais is a suburb northeast of Paris, a 25 minute metro ride from the city centre. The area is becoming increasingly attractive to high-profile companies, according to Barings.