Office property

Our conviction

Ile-de-France (the region surrounding Paris) is now one of the more sought after locations for property investments in Europe, it is one of the largest office building property areas in the world with more than 52 million m2.

This is a market with solid fundamentals (high demand, limited offer, attractive risk premium), it has developed its ability to attract through transparency, dense public transport networks and a diverse office property offer. The Grand Paris projects, with the renewed attraction of the ‘Défense’, have redefined the map of attractive commercial property markets.

Investment strategy

Office building investment and asset management is a fundamental part of Primonial REIM France’s DNA.

Investment market developments - record investment volumes and measured/rental values - in conjunction with an environment where the potential for the compression of long term products seems limited, must lead us to generate future value, whilst remaining defensive, by targeting:

  • Off-plan projects and assets to be restructured in mature and deep markets (“build-to-core”);
  • Property with a significant reversion potential: either driven by a regional dynamic (public transport in ‘Grand Paris’, the development of a commercial zone, changes to a Local Urbanisation Plan, etc.), or related to a terminated leasing reversion (low rent assets or repositioning in their rental market);
  • “Core” properties, where the two primary investment decision criteria continue to be the location and rental amounts in practice.
bureau SCPI Primopierre



Adria, Courbevoie

The Adria Tower is located in the ‘Défense’ near to the ‘Grande Arche’ and was constructed in 2002. The complex includes 39 floors of offices, four of which are under the esplanade, as well as a dining area and 615 parking spaces. This asset is leased as a single unit to Technip, it was acquired by the OPCI PREIM Défense 2 (a dedicated and regulated trust created and managed by Primonial REIM) which involves a round-table of institutional investors.


In addition to this the OPCI acquired a neighbouring asset to the tower in 2017, Services Faubourg, which is made up of five business premises, five retail outlets and three archiving units making up a total area of 3,260 m2.
This property complex has excellent access since it is connected to a huge public transport network (T2 - tram, M1 - Metro, RER A - urban railway, bus lines and SNCF).


Technip’s leasehold will end in March 2021, they have declared their desire to release the asset in 2020. Once this departure was confirmed, the Primonial REIM teams proposed that the current group of investors initiate surveys for the complete renovation of the complex, including changing the facade and creating additional surfaces to bring the total up to almost 64,000 m2.


After an initial regular distribution phase, the investors will see their shares re-evaluated as a result of the implementation of this restructuring project, allowing the tower to be converted into a “Prime” product and thus improving long-term liquidity.


Year of acquisition:

2013 / 2017

Acquisition price (HD) :

450 M€ (Adria) + 16 M€ (Services Faubourg)

Total surface area:

59 700 m2



Trust name:

OPCI PREIM Défense 2



The team

Our teams include a high level of office specialised investment and asset management skills.

We can also rely on the support of our dedicated Property Management subsidiary: Sefal Property

Julie Duvillier-Raoul Directeur Développement Institutionnel
Julie Duvillier-Raoul Institutional Development Director

Robin Schreder Responsable Investissements Bureaux
Robin Schreder Office Investments Manager

9 years of experience
Office Investments team: 3 people

Fabien Cabot Responsable Asset Management Bureaux
Fabien Cabot Office Asset Management Supervisor

15 years of experience
Office asset management team: 12 people

Our publications

The post-covid office in Europe: Disruption or acceleration?
  • Overview

The post-covid office in Europe: Disruption or acceleration?

22/03/2021 By Daniel While

Companies have scaled up partial or total remote-working practises and, in reaction, employers have taken another look at their real-estate policies, and employees at their lifestyles.

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Marchés locatifs de bureaux en Europe et crises économiques : quelle sensibilité ?
  • Overview

Marchés locatifs de bureaux en Europe et crises économiques : quelle sensibilité ?

15/05/2020 By L'équipe Recherche

Il nous a paru intéressant, alors qu’une crise économique s’ajoute à la crise sanitaire mondiale, de revenir sur le lien entre croissance et loyer de bureau, dans les principaux marchés locatifs européens, au cours des 20 dernières années.

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#Weekly Covid-19 : The new normal in the office market
  • Overview

#Weekly Covid-19 : The new normal in the office market

24/04/2020 By Daniel While

Week 20th to 24th april 2020. The International Monetary Fund lowered its economic growth projections for 2020: -3% for the global economy, -7.5% for the eurozone, -7.2% for France. Office space has been the flagship product for institutional property investors in France for the past 20 years. What impact the crisis has on the office market?

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