Expanding our sustainable office portfolio
In October, we acquired a 5,000 sq m office building in Courbevoie, north-west Paris, for c. €29m. The asset is fully leased to a French communications company, providing a long-term income stream.
Located within a major urban renewal project, the former industrial building features extra-wide floor plates and high slab-to-slab heights, offering significant layout flexibility – an attractive characteristic as offices evolve in a post-Covid world. The property was also recently refurbished, incorporating sustainability initiatives including green walls, thermal insulation and electric car charging.
Elsewhere in Paris, we secured planning permission for our first office development project, Anatole France 85 (pictured above). Located in the Levallois area of north-west Paris, we will construct a seven-floor office building, increasing green space on site by over 100 sq m, including additional tree planting, and we will reduce parking spaces to limit local car traffic.
We are also investigating design options to reduce carbon emissions and are considering the use of a timber floor concept which will minimise reliance on concrete and steel, potentially reducing the embodied carbon impact of the building by 8%.
In Madrid, we acquired a 10,600 sq m LEED Gold office tower in the Méndez Álvaro neighbourhood, one of the city’s most dynamic and high-potential office areas. The building features 14 floors above ground, 212 parking spaces, flexible open plan floorplates and has established leases with three large tenants.
Strategically located close to the M-30 ring road, and with excellent public transport connections, the area is undergoing a final phase of densification, which includes other large developments and various local services to support the dynamic local community..