La Française, EDF Invest complete €130m Paris office property acquisition

The companies have acquired the property from a joint venture between Norges Bank Investment Management and AXA France

La Française, EDF Invest complete €130m Paris office property acquisition

La Française Real Estate Managers (REM) and EDF Invest have completed the acquisiton of the Memphis, a mixed office and retail building, located at 111 avenue of France in the 13th arrondissement of Paris. 

The companies have acquired the property for 130 million euros from a joint venture between Norges Bank Investment Management and AXA France.

The agreement was signed on 27 July 2023.

Located in the heart of the ZAC Paris Rive Gauche in a mixed tertiary and commercial environment welcoming large national and international companies, the Memphis benefits from excellent public transport connections (Metro line 14 / RER line C – Bibliothèque François Mitterrand station and line 6 – Quai de la Gare station).

Completely renovated in 2021 by architects Ory and Saguez & Partners, the 8-story building is one of three buildings in the M7 real estate complex. 

It covers 14,415 m2, including 10,059 m2 of offices and 4,239 m2 of shops, and offers numerous green outdoor spaces (two terraces as well as a 400 m2 rooftop) and numerous services (café, restaurant, concierge, “cool working”, bicycle garages).

Memphis is BREEAM Excellent certified and benefits from the WiredScore Gold label. It has undergone major renovations to improve its energy performance, including the installation of high-performance fan coils and efficient lighting, and the replacement of air handling units. A plan to improve the energy performance of the commercial premises is also planned for 2024.

The asset is fully leased to eight tenants operating in various sectors such as biotechnology research and development, cosmetics, the food industry, digital transformation consulting and sports equipment.

Philippe Depoux, President of La Française Real Estate Managers, concluded: “ It is with great satisfaction that we conclude this investment bringing together our SCPI and EDF Invest, a partner whom we thank for its trust. The Memphis presents all the fundamentals expected by La Française REM. Its centrality and the quality of its renovations and services are all factors which will support the attractiveness and valuation of the asset. »

Assia Oudni, Investment Director – Real Estate, EDF Invest, added: “ This acquisition is part of the conviction of the need for qualitative and flexible office spaces for the benefit of users and the economic fabric of this area with solid fundamentals, on the long term. EDF Invest is delighted with this partnership alongside La Française REM. »