Primonial-led consortium bags €300m Paris office complex

Primonial REIM's French arm has joined forces with EDF Invest and South Korean fund manager Samsung SRA to close the acquisition of the Influence office complex in Saint-Ouen, northern Paris, from funds managed by Tishman Speyer.

Although financial details were not disclosed, the asset is believed to be worth around €300 mln. BNPP and Société Générale financed the transaction together with BPI France and Raiffeisen Bank.

Delivered in 2017, the real estate complex was designed by Jacques Ferrier Architectures and provides nearly 33,000 m2 of space across two seven-level building structures. The asset is fully let to the Île-de-France’s Regional Council under a 12-year long-term lease.
 
Grégory Frapet, CEO of Primonial REIM France, said: 'This acquisition is in line with our strategy of investing in sustainable office blocks which meet very high environmental standards and which feature modular working areas and numerous services for the comfort and well-being of their users. By investing in mixed-use urban spaces – such as the Docks eco-district – we are helping to transform and enhance the value of the city, while at the same time providing our investor clients with long-term security regarding their revenue through long leases entered into with the building's tenants.'

Tishman bought the property from Nexity in 2014.
 
The sale was brokered by Nexity Conseil & Transactions (NCT) and Strategies & Corp.

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