Primonial REIM acquires “le Valmy”
Primonial REIM announces the acquisition, for its SCPI Primopierre, of the “Le Valmy” office building, in Montreuil (93), from Gecina.
A REAL-ESTATE COMPLEX WITH EXCEPTIONAL VISIBILITY AND HIGH QUALITY SERVICES
This asset has a surface area of more than 29,000 m2 over 7 floors, it benefits from exceptional visibility with a 175m linear and street-corner facade at the gates of the city.
Le Valmy is located on the frontier between Paris and Montreuil, very close to the Saint Mandé (Line 1) and Porte de Montreuil (Line 9) metro stations, thus offering very good public transport access to its users.
The property has high quality services, 80% of the floor spaces receive direct daylight, with floor-to-ceiling double glazing, a high ceilinged reception area and large but narrow floor-spaces ideal for flexible workspace arrangements.
Le Valmy is leased to 5 quality tenants including BNP Paribas (Montreuil’s biggest employer) and La Mutuelle générale de l’Education nationale (MGEN - Education sector health insurance body), the residual lease duration is five years which guarantees a secure rental income flow.
MONTREUIL, ONE OF THE MOST SOUGHT AFTER AREAS IN THE EASTERN FIRST RING SUBURBS OF PARIS
The city of Montreuil is located in the heart of the Eastern First Ring Suburbs property market which has been a growing business district since the end of the 1990s. It contains 600,000 m2 of properties which are beginning to suffer from a shortage of offers in the larger surface area brackets. Montreuil is now one of the most dynamic economic sectors in East Paris; it is home to some major corporate tenants such as BNP Paribas, Air France, Décathlon and Ubisoft.
Over the next few years, this dynamic will be accentuated and the city will be revitalised by the emergence of new property renovation and urban renewal projects, such as “Reinvesting Cities” an innovative initiative to respond to new usage expectations expressed by its inhabitants.
Grégory Frapet, Chairman of the Directorate at Primonial REIM states: “I am very pleased at the acquisition of this high quality asset located in the heart of Grand Paris, in Montreuil, a sector which continues to be attractive, and this can only be strengthened by the arrival of many new large-scale projects. This operation fits perfectly with SCPI Primopierre’s investment strategy of investing in Core properties located in established zones which present the potential for medium-term rent increases.“
For this operation, Primonial REIM was advised by the IC Avocats law firm for the legal aspects, by the 14 Pyramides notary’s office and Theop for the technical aspects.
About Primonial REIM
Primonial Real Estate Investment Management (Primonial REIM) is a portfolio management company certified by the AMF in 2011; it creates and manages a range of investment schemes based on strong property market convictions. Its main objective is to propose a range of SCPI that invest in office, retail, health/education and residential property to the broadest possible client-base.
As a portfolio management company Primonial REIM sets up and manages OPCI (specifically aimed at either institutional or general public investors). On 10 June 2014 Primonial REIM received AIFM (Alternative Investment Fund Manager) certification from the Autorités des Marchés Financiers (Financial Markets Regulator), and is therefore subjected to strengthened obligations in terms of information, liquidity monitoring and risk management. The Board of Directors includes Grégory FRAPET as Chairman, Stéphanie LACROIX, Managing Director and Tristan MAHAUT, General Secretary.
PRIMONIAL REIM press contacts
07 77 96 24 42