French developer-investor Générale Continentale Investissements (GCI) and UK investment manager Benson Elliot have joined forces to purchase the #Curve office development project in Saint-Denis, to the North of Paris, from the development arm of BNP Paribas Real Estate for an undisclosed price.
The property, which will provide 24,000 m2 on a site close to La Plaine Stade de France station on the RER B line, was bought via the OPPCI Dylan managed by Twenty First Capital on a forward funding basis.
In addition to office accommodation, #Curve will provide 250 m2 of ground floor retail and 257 parking spaces on completion planned for the end of 2019. The seven-storey complex designed by Chartier Dalix Architectes is targeting HQE environmentally-sustainable certification.
'This new investment confirms our great confidence in the future of the Saint-Denis office market,' commented Alexander Raingold, development director of GCI. 'We know the area particularly well because we developed Balthazar (a 30,000 m2 building currently occupied by Orange Business Services) and Stadium (multiple tenants, 22,000 m2). Saint-Denis will benefit from a lot of exposure during the Rugby World cup in 2023 and the 2024 Olympic games which will actively support further urban development and its appeal.'
Rémi Monglon, director of Investments at Benson Elliot, France, added, 'The specifications of #Curve match the profile of assets we seek for our portfolio promising excellent environmental performance and incorporated services. Once again we have committed, in partnership with GCI, to an office development in a business district of the Parisian inner suburbs that is sought-after by large firms. It is in the heart of a site that will greatly benefit from the momentum generated by the 2024 Olympic Games and the arrival of new infrastructure in the area.'
'We are delighted by the collaboration between GCI and Benson Elliot which, by investing in one of the largest wood-framed office buildings in Europe, confirm their interest for this very dynamic sector of Plaine Saint-Denis,' said Thomas Charvet, managing director of Commercial Property Development at BNP Paribas Real Estate.