5 October 2020
Grosvenor Europe expands Paris office portfolio
Grosvenor Europe has acquired a 5,000sqm office building.
Grosvenor Europe, part of one of the largest privately owned international real estate companies, Grosvenor Group, has acquired a 5,000 sqm building in Courbevoie, NW Paris, for approximately €29m. The asset is fully leased to a major French communications company, providing a long-term income stream.
This acquisition follows the purchase of office buildings in Levallois and Pantin in 2019, expanding Grosvenor’s portfolio in the inner Paris suburbs.
The building is located in within a major urban renewal project comprising 200,000 sqm of offices and 80,000 sqm of housing. The fast-improving area has been in development since 2013 and benefits from proximity to the Bécon-les-Bruyères train station, which will be serviced by the highly anticipated Metro Line 15 (Paris orbital metro).
The former industrial building features extra-wide floor plates and high slab to slab heights, offering significant flexibility and a high level of comfort for tenants. It has also benefited from a significant refurbishment in 2017, including the integration of an impressive 1,700 sqm rooftop with views of central Paris and La Défense. The works also incorporated green walls, thermal insulation and electric car charging to enhance the sustainability credentials of the building.
Steve Cowen, Executive Director Investment and Development, Grosvenor Europe, said: "Our strategy is to acquire core or value add office assets in Paris and key inner suburban sub-markets, where there is strong income or significant potential for future redevelopment. The intrinsic qualities of this building, in particular its flexible floorplate, make it a particularly interesting asset in light of how offices are likely to evolve in a post-Covid world.”
Grosvenor Europe is committed to achieving net zero carbon operational emissions from all of its directly-managed buildings globally by 2030, and to work towards all buildings, directly and indirectly-managed, being embodied and operational net zero across its portfolio by 2050.
To achieve these targets, Grosvenor will eliminate carbon emissions under our control and sustainably design, construct, operate and invest in net zero-ready buildings. Grosvenor will also advocate the same goals with third parties, enabling occupiers to reduce or eradicate carbon emissions from their own operations.
Alban Hallé, Director France, Grosvenor Europe, added: "This high-quality building does not require immediate work, but as part of our strategy to achieve net zero operational carbon by 2030, we will make improvements to the building's technical systems that enhance its sustainability credentials."
Grosvenor Europe was advised by Allez et Associés, Brun Associés and KPMG.
Notes to Editors
Grosvenor Europe is part of the Grosvenor Group, one of the largest privately-owned real estate companies in the world. We invest in, develop, operate and manage real estate assets in dynamic European cities, including Paris, Madrid and Stockholm. As of December 31, 2019, we held £1.9 bn AUM, including the Skärholmen Centrum shopping centre in Stockholm, Sweden. We also have a major residential development pipeline in Madrid and a portfolio of offices in Madrid and Paris.