AnaCap invests in Parisian redevelopment project

AnaCap invests in Parisian redevelopment project

French private equity firm AnaCap Financial Partners announced on Tuesday that it had invested in a newbuild Grade A office in Paris.

The acquisition is being made through an off-plan forward contract of the 16,300 square metre asset in Bobigny. This allows the company to add a presence within the active Paris property market, which currently has a vacancy rate of 1.8%.

The building was designed by Leclercq Associés and developed by BNP Paribas Immobilier Promotion (ENP: BNP) and GA Smart Building. It serves as part of a wider redevelopment project in Bobigny, with plans for 140,000 square metres of office, 1,380 new residential units, 8,000 square meters of public services and 20,000 square metres of public space as ‘tenants seek larger scale, affordable properties close to the centre of Paris’.

It is located near Bobigny metro, and is expected to enjoy access to three further transportation lines by 2025.

AnaCap comments

Sébastien Wigdo, Investment Director at AnaCap Financial Partners, stated,

“This investment represents the opportunity to develop a high-quality property adjacent to a Paris metro station, in an emerging area that is enjoying a meaningful transformation. It is also part of our strategy to continue to build upon AnaCap’s well established investment track record in both France and more broadly across Europe by carefully selecting assets which we believe offer exceptional risk-adjusted returns.”

Elsewhere in property; Schroder Real Estate Investment Trust (LON: SREI) disposes of its lower yield assets, Land Securities Group plc (LON: LAND) posted underwhelming financial results, Shaftesbury plc (LON: SHB) booked robust leasing activity and Berkeley Group Holdings Ltd (LON: BKG) restated its confidence in the South-East market.