Europa Capital LLP announced the completion of the latest acquisition for its current pan-European investment fund, purchasing in joint venture with Balzac REIM the ‘Le Sémaphore’ office building in the ‘Front de Seine’ area of Levallois-Perret, to the West of Paris, from Deka Immobilien GmbH.
Le Sémaphore is situated on the banks of the River Seine in Levallois-Perret, a well-established and sought after commercial and residential suburb some 6 kilometres from the centre of Paris and 4 kilometres North West of La Défense. Originally designed by noted French architect, Jean-Jacques Ory, the property was constructed in 1993 and comprises circa 11,500 square metres of office accommodation arranged over ground and seven upper floors around a landscaped internal courtyard. Floor plates range between 1,000 square metres and 1,650 square metres, with full height fenestration. Car parking for approximately 265 cars is provided over four basement levels, representing an excellent ratio of 1:45 square metres. The building sits on an independent island site, and also benefits from an extensive frontage to the River Seine, enjoying panoramic views from its extensive roof terraces towards Paris and La Défense.
The building is currently vacant having previously been the headquarters of Cetelem, the personal finance division of BNP Paribas, from 2007 until September 2016. Prior to that, the property had been the French headquarters of Marsh Insurance brokers from the date of its original construction.
A building permit has recently been obtained to undertake a comprehensive refurbishment of the property which is sensitive to the original design, to include a full replacement of the external cladding, new heating and cooling services, the creation of a new restaurant/cafeteria space, and the re-landscaping of the roof terraces and internal courtyard. Owing to its flexible layout, the refurbished building will be suitable for either single or multi-occupancy. It is anticipated that the proposed works will achieve the optimal level of environmental certification for a renovation of this nature.
Working in conjunction with TRIAS Architects and project manager, CJP & Partners, Europa and Balzac REIM plan to commence the main refurbishment works in early 2018, with delivery of the building scheduled to occur in the second half of 2019.
Europa was advised on the acquisition by Balzac REIM, who will be retained as Asset Manager, together with notary Le Breton & Associes, Dentons and CBRE.
Commenting, Jonathan Mansie, Director and Head of Acquisitions for France at Europa Capital, said:
“This represents an excellent opportunity to acquire a landmark headquarters office building in an extremely attractive and sought after location. We are proposing a comprehensive refurbishment of the property to the highest of standards in accordance with the requirements of today’s corporate occupiers, and our leasing strategy will seek to capitalise on the current imbalance in supply and demand dynamics for buildings of a comparable size and specification in the Greater Paris Region.”
Source: Europe Capital