BARINGS BUYS IN VEFA (forward funding) CANOPY OFFICE DEVELOPMENT IN PRÉ SAINT GERVAIS, PARIS, FROM NEXITY
Jun 11, 2018
LONDON, 11 JUNE 2018 – Barings Real Estate, part of Barings LLC, one of the world’s largest diversified real estate investment managers, announces that it has agreed to buy in VEFA in an off-market transaction, Canopy, a grade A office development in Pré Saint Gervais bordering Paris, France, as part of a pan European core investment strategy on behalf of institutional investors. The vendor is Nexity Immobilier d’Entreprise.
The development will comprise approximately 6,500 sq m of office space across three floors, along with a basement that has parking for 74 cars. The property, which is due to complete in October 2018, is currently being developed by Nexity Immobilier d’Entreprise, one of France’s largest developers. The build quality is such that the property will be granted HQE and WELL certifications as well as a BREEAM ‘very good’ asset performance rating. Situated in Pré Saint Gervais, a suburb northeast of Paris, the asset is in a location offering close proximity to the Paris ring road and is a short walk from Hoche Metro station (line 5), which provides direct access to the centre of Paris within 25 minutes. The area is becoming increasingly attractive to high profile companies who are looking to benefit from the area’s strong location and distinct architectural styles, and as a result there is a limited supply of Grade A space available.
Gunther Deutsch, Head of Real Estate Transactions, Europe at Barings, said, “Following a number of logistics transactions we are pleased to have closed on our first office transaction in France, on behalf our of pan European core investment strategy. We continue to be interested in opportunities spanning the retail, office and logistics sectors in France, Italy, Spain, Germany, UK and the Scandics with a core to value-add risk profile.”
Barings was advised by Oudot & Associés (Notary) and Aliuta (Technical) and Nexity Immobilier d’Entreprise was advised by Etude Trocadero (Notary) and JLL (Real Estate).
Barings Alternative Investments (BAI), part of Barings LLC, is a 450+ associate team located across 11 countries that manages $52.3 billion* in client capital. BAI seeks differentiated sources of returns by incorporating decades of investment experience in alternative assets offering investors access to a diverse range of opportunities across private equity, real assets, asset-based investments and the four quadrants of real estate. We serve as a trusted partner to clients, leveraging our global presence and robust origination capabilities to identify the most attractive risk-adjusted return opportunities. The Barings Real Estate team offers a broad range of investment opportunities globally across the public and private debt and equity markets. The team invests across all major property sectors with a focus on global relative value and trend-backed preferred strategies.
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