LaSalle acquires office development on rue Jeanne d’Arc in Paris on behalf of Encore+
PARIS (April 17, 2019) — LaSalle has managed the acquisition of a high-quality office development on rue Jeanne d’Arc from AG Real Estate, on behalf of the pan-European fund Encore+; this is a forward-funding investment (VEFA contract). The property has a strategic location in the 13th arrondissement near to the world's largest tech start-up incubator, Station F, which was opened in 2017 under the initiative of Xavier Niel.
The deal involves the development of a new 9,800 m² building, constructed with tenants in mind, who demand the highest, international-quality office space, with the principal factors being sustainability, flexibility, and quality amenities. The building offers individual and collaborative work spaces, a rooftop on the 8th floor, and private parking amongst many other amenities. It will be available for tenant occupation in the summer of 2021.
Designed by the architects Atelier du Pont, the building will comply with norms and standards relating to energy efficiency, with a high standard of sustainability and connectivity, such as standard RT 2012 -40%, HQE sustainable building passport “excellent level”, “Very Good” for BREEAM, “Gold” for WELL as well as “Gold” for WiredScore.
This office development on rue Jeanne d’Arc, and next to “Nationale” metro station (line 6), is the Fund’s eighth acquisition in France; these are a key part of Encore+’s strategy, with French offices anticipated to perform well.
The investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns. Value-add will continue to be part of the Encore+ strategy.
This development encapsulates the strategy of AG Real Estate, to position itself as a dynamic tertiary developer in the Paris market. The pipeline of development projects in the works currently stands at roughly 400,000m² for a turnover of €2 billion.
David Ironside, Fund Manager for Encore+, says: “This asset is an outstanding example of the location-focused strategy of Encore+, with strong DTU+E credentials and in a strategic location with a mixed-used environment. Our teams actively seek out opportunities in dense locations with strong demographics, technology industries, and excellent public transport connections. We look forward to welcoming our tenants in 2021."
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $68.4 billion of assets in private and public real estate property and debt investments as of Q1 2019. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit http://www.lasalle.com, and LinkedIn.
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