Europa Capital and DeA Capital Real Estate France have acquired a landmark post-war, 3,200 sq m office building in Paris, France, on behalf of Europa Capital’s latest value add fund, Europa Fund VI.
The partnership acquired the property from S2FIT1, the office and industrial property manager of the SNCF group.
”The vacant property, which was constructed in the early 1950s and benefits from an abundance of natural light, will be comprehensively refurbished, maximising the reuse of existing materials within the building, to improve its environmental credentials and create a working environment which meets the requirements of today’s modern occupiers,” said Europa Capital in a statement.
”Outwardly, the building will retain its original character with a restored façade, whilst the planned programme of internal works will include improved wall insulation, an energy efficient heating, ventilation and air conditioning system, and the provision of upgraded occupier services to cater for the very latest working practices.”
The scheme, which is expected to complete in mid-2023, aims to achieve optimal environmental accreditation through HQE, BBCA and WiredScore certification.
Situated at 26 rue Ordener in the 18th arrondissement of Paris, France, the building will offer occupiers an all-important city centre postcode, with the Marcadet-Poissonniers’ Metro Station positioned adjacent to the property providing direct links to the city’s main transport hubs, including Gare du Nord; Gare de l’Est; Gare Saint Lazard; and Châtelet–Les Halles.
Jason Oram, Partner & Fund Manager at Europa Capital, commented: “Constructed in the 1950’s by SNCF for the benefit of its workers at the neighbouring Chapelle depot, it seems fitting that 70 years later, the ‘raison d’être’ of this building will remain the well-being of the occupiers. Our decision to retrofit the property using existing materials where possible, whilst also introducing a comprehensive suite of cutting-edge sustainability measures, will produce a greener building with less bearing on the environment.
“Despite the impact of Covid-19 on occupational take up, vacancy levels for new, Grade A office space in Paris remain extremely low. Completion of the refurbishment is not expected until mid-2023, and with little new supply coming to the market in the medium term, we expect there to be good demand for this well located, high quality building.”
Emanuele Dubini, CEO at DeA Capital, added: “This acquisition represents a first milestone in our inner-Paris office strategy. We are delighted to collaborate with Europa Capital on this exciting redevelopment, with a clear focus on value generation while environmental and sustainability aspects remain the key features of this project.”