Primonial REIM announces the acquisition of 21,500 m2 of office space in the “M Campus” building complex m2 "M Campus"
Primonial REIM announces the acquisition, on behalf of the SCPI Primopierre, of 4 buildings mostly occupied as offices in the “M Campus” complex in Meudon from one of PGIM Real Estate’s pan-European real-estate funds.
“M Campus” covers a total surface area of 45,000 m2 and includes 6 office buildings designed by the Pei Cobb Freed and Partners architect’s office. This sale involved 4 of these buildings, covering over 21,500 m2 in surface area; they were all leased out in 2020 to Thales for a fixed 12 year lease, thus generating long-term rental income flows.
These buildings include 3 office buildings and 1 ancillary building, all with excellent visibility thanks to their river-front façades. These fully refurbished assets have all of the services necessary for modern working trends: well-lit modular floor spaces and a wide range of services (a 1 000 m2 canteen, terraces, gardens, cafeteria and full concierge services).
“M Campus” also has a unique geographical situation along the banks of the Seine River; it is directly connected to the well-established Boucle Sud commercial sector via the Ile Seguin, and rendered even more attractive by new recently initiated (residential and commercial) development projects. The campus also has excellent public transport access (tramway, metro and bus) which will be further reinforced with the BHNS bus service and the projected Grand Paris Express.
Grégory FRAPET, Chairman of the Directorate at Primonial REIM states: “This operation fits perfectly with our strategy of investing in quality office buildings located in established sectors which will continue to become increasingly attractive, and leased out over the long term to major corporate tenants. Consequently Primonial REIM will be able to offer its client investors a good vision of the property’s rental situation for the years to come. “
“The strategic location of “M Campus” opposite the Trapèze, the quality of its architecture and its excellent property fundamentals have convinced highly reputed tenants to commit to long-term leaseholds, at very interesting rates for the sector, and garnered the close interest of some major institutional investment parties such as Primonial REIM” added Jocelyn de Verdelon, Chairman of PGIM Real Estate France.
Primonial REIM was advised for this transaction by LPA-CGR (Me François-Régis Fabre-Falret), Wargny-Katz (Me Justine N’Fiaye) and ETYO for the technical aspects.
PGIM Real Estate was advised by De Pardieu Brocas Maffei (Pierre Gebarowski and Emmanuel Chauve), Cheuvreux (Me Marie-Anne Le Floch) and Builders&Partners.
The operation was completed by Knight Frank.
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 its 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
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