BNPPRE confirms €500m Paris HQ sale to CDC

Agent BNP Paribas Real Estate has confirmed the sale of its future headquarters in Boulogne-Billancourt, near Paris, to France’s CDC Investissement Immobilier for a price of €500 mln.

The deal, which was first tipped by French paper Business Immo, was confirmed to PropertyEU by a BNPPRE spokesperson on Friday. The transaction, reflecting a yield of 3.7%, is expected to be formally announced by the advisory group in the next few days.

The project, known as Métal 57, included the redevelopment of an existing building designed by architect Claude Vasconi and dating back to 1984, as well as its extension with the addition of a new building designed by Dominique Perrault, for a total space of 37,000 m2.

Located along the Seine and right next to the Ile Seguin and the new Ile Seguin – Pont de Sèvres railway station of the Grand Paris Express, the asset is scheduled for completion in 2022.

BNPPRE bought the complex in 2017 for nearly €100 mln, committing to preserve its heritage while breathing new life into the site which was abandoned at the time. The group announced plans to make it its new headquarters only last year.

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