Omnam picks up Parisian towers for ambitious transformation

Global development firm Omnam Group has acquired the Mercuriales Towers in Paris, unveiling plans to transform the properties into a city landmark, as a part of the regeneration of East Paris.

Financial details were not disclosed.

Built in 1975, the 145-metre-tall twin towers are located in Bagnolet, around 25 minutes from the centre of Paris and its two airports, Omnam said.

'We are incredibly proud and excited,' said David Zisser, founder and CEO of Omnam Group. 'Les Mercuriales were a forgotten icon of the eastern side of Paris for years, and we intend to turn them into a landmark of the new vision of Paris. We want to be leading actors in the resurgence of this part of the city.'

The eastern edge of Paris was identified as ripe for renewal in the city's 2008 Grand Paris project, with subsequent incentives attracting creative and digital industries to Bagnolet's business incubators and co-working spaces.

According to Omnam, Les Mercuriales will be extensively refurbished to 'revive the community and create a gathering place for the city of Bagnolet', the firm said.

'Over the past years we transformed many forgotten spaces, including the then largest empty office building in the Netherlands that we converted into a 24/7 work and play destination: Ven Amsterdam,' Zisser said.

Ven Amsterdam changed hands recently, when it was acquired by Canadian hotel and sports specialist, Westmont Hospitality.

'This unique business and entertainment complex has brought colour, life and a local & international experience to what used to be a grey business area. What we managed to achieve in Amsterdam is comparable to what we envision for Bagnolet,' Zisser concluded.

BBS Capital advised Omnam on the deal.

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