PGIM Real Estate to purchase office in Clichy
PGIM Real Estate has signed a forward purchase agreement for the development of SWELL, two office buildings in Bac d’Asnières, Clichy.
The transaction was executed off-market on behalf of investors of a discretionary pan-European value-add fund. PGIM Real Estate is the real estate investment business of PGIM Inc., the USD1 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
The property comprises two 9,700 square-metre buildings and is located in the urban development zone of Bac d’Asnières, on the banks of the Seine, within the natural extension of the Front de Seine area of the Levallois submarket. Bac d’Asnières is currently being redeveloped and will host mixed-use office, industrial and residential space.
Due for completion in 2020 by developer OGIC, SWELL was designed by architect Jean-Baptiste Pietri to high architectural standards to attract institutional tenants. Particular attention will be paid to the air quality in the buildings, which will possess spacious entrance halls, a number of accessible terraces, first floors that can be converted into meeting rooms, and a 50-meter façade with a direct view of the Seine. In alignment with PGIM Real Estate’s commitment to sustainable investing, the property will be quadruple WELL “Silver,” BREEAM “Very Good,” HQE “Excellent” and Effinergie+ certified.
“This transaction illustrates PGIM Real Estate’s ability to capitalise on its strong market connections to acquire this attractive development project off-market,” says Jocelyn de Verdelon, PGIM Real Estate’s head of France, Spain and Portugal. “Moreover, it represents a unique opportunity to create value for our investors by offering institutional tenants new office areas in a dynamic and evolving location, close to Paris-Levallois.”
Emmanuel Launiau, OGIC’s chairman of the board of directors, adds: “Following the successful refurbishment of 41 rue Ybry in Neuilly, this is our second development in collaboration with PGIM Real Estate and illustrates the long-term relationships that OGIC weaves with its partners.”
PGIM Real Estate was advised by Wargny Katz & Associés, Builders & Partners and De Pardieu Brocas Maffei. Financing was provided by BNP Paribas.