Paris, France – PRIMONIAL REIM announces that it has acquired the Ardeko office complex from Ivanhoé Cambridge. The property is located in the Paris suburb of Boulogne-Billancourt (92), more specifically within the ZAC du Trapèze (joint development zone), a major Western Paris business centre with nearly 200,000 m2 (2.15 million ft2) of office space under development.
“The acquisition of the Ardeko complex aligns perfectly with our investment strategy – a new building offering the very best energy efficiency certifications, located in a rapidly growing services sector and leased to top-quality tenants,” said Laurent Fléchet, Chair of the Board, Primonial REIM.
For her part, Meka Brunel, Executive Vice President, Europe, Ivanhoé Cambridge, said: “This transaction was an opportunity. We continue to deploy our office investment strategy in London and Paris.”
Delivered in December 2013, the asset comprises three buildings with a total of 20,101 m2 (220,000 ft2) of leasable area and features 303 underground parking spaces. Each building is fully flexible, with an independent lobby.
Ardeko boasts NF Bâtiments tertiaires – Démarche HQE (French high environmental quality standard for service sector buildings), HPE BBC (high energy performance, low-consumption building) and LEED Platinum certifications and offers excellent office spaces and quality services.
This operation was conducted by CBRE Capital Markets. Primonial REIM was advised in this transaction by the Allez & Associés notarial firm (Me Guillaume Chemithe), the LPA law firm (Me François-Régis Fabre Falret) and 7 Concept for technical due diligence. Ivanhoé Cambridge was advised by the Wargny-Katz notarial firm (Me Hubert Wargny and Me Justine N’Diaye) and the Allen & Overy law firm (Me Jean-Dominique Casalta and Me Antoine Chatry).
About Primonial REIM
Primonial Real Estate Investment Management (Primonial REIM), a portfolio management company that was approved by France’s Autorité des marchés financiers (financial markets authority) in 2011, designs and manages a range of investment vehicles that reflect its strong convictions about the real estate market. Its goal is to make available to as many as possible a range of office, retail and lodging REITs. As a portfolio management company, Primonial REIM constitutes and manages OPCIs (property investment mutual funds) for institutional investors. On June 10, 2014, Primonial REIM received Alternative Investment Fund Manager (AIFM) registration from the Autorité des marchés financiers to manage alternative investment funds. As such, Primonial REIM is subject to more stringent requirements regarding, among others, information, monitoring of liquidity and risk management. The Chair of the Board of Primonial REIM is Laurent Fléchet and the senior management team is composed of Grégory Frapet and Stéphanie Lacroix.
Key figures as at June 30, 2015:
€5 billion of assets under management // 1 million m2 real estate assets under management // 27,500 associates and over 1,000 corporate tenants // www.primonialreim.com