Hines has expanded its real estate portfolio in France with the acqusition of La Manufacture in Paris, France, on behalf of its Hines European Core Fund (HECF) from the Weill family.
The Art Deco building spans 4,783 square meters and is located at the foot of the Montmartre in the 18th arrondissement of Paris. Built in 1922, the historic building, is excellently connected just 300 meters from the Anvers metro station and 750 meters from the Gare Du Nord, and is located in a commercial, economic, cultural and tourist district in Paris.
La Manufacture has a current occupancy rate of 76%, with the underground and ground floors totalling 1,200 square meters, let to a fabric sales company and to Weill. The three upper floors are leased to a web and mobile application publisher. The fourth and fifth floors covering 959 square meters will soon be available for occupancy providing magnificent views of Montmartre and the Basilica of the Sacred Heart.
The Weill family are historic owners of La Manufacture, first imagined by the originator of the Art Deco movement, architect, Paul Dupré-Lafon, at the request of Robert Weill. La Manufacture was renovated by Moussafir Architecte Associés between 2014 and 2016.
“We’re very pleased to expand our real estate portfolio in France with this acquisition. La Manufacture is synonymous with prestige, history and tradition in Paris, and we’re confident its contemporary repositioning and fantastic location, will maintain its appeal to a broad range of occupiers over the long term. We are proud to add this asset to our portfolio, signed by the “pope” of the Art Deco movement himself. La Manufacture is a Parisian symbol of haute couture real estate,” said Xavier Musseau, president and country head of Hines, France.
“This is our fifth acquisition in France and Paris remains a very attractive market for us. The French capital is increasingly becoming an important technology hub in Europe and we expect La Manufacture, due to its prime location and connectivity, to attract technology occupiers. At the same time, we remain fully focused on continuing our GRESB success so we will look to make sustainability improvements at this asset for the long-term benefit of its tenants, the communities it serves and the environment at large,” added Simone Pozzato, fund manager – HECF.