Benson Elliot, the UK-based private equity real estate fund manager, acting on behalf of its pan- European fund Benson Elliot Real Estate Partners IV L.P. (“BEREP IV” or the “Fund”), has entered into an agreement to forward fund the purchase of Curve, a new office development being constructed in Saint-Denis (Greater Paris). The off-market acquisition from BNP Paribas has been completed in joint venture with Générale Continentale Investissements.
Curve will provide 24,000 sqm of grade A office accommodation arranged over eight floors, with c. 250 sqm of ground floor retail space and 257 parking spaces. The site lies in Saint-Denis, the second largest office market outside of Paris (after La Défense). The area has proven attractiveness and resilience, with a diversified tenant base and >200 large corporates (including Orange, Generali and SNCF). Delivery of the project is planned for early 2020, with the completed project having an expected end value of c. €200 million.
Trish Barrigan, Benson Elliot Managing Partner, said: “This is a quality project in a Paris sub-market experiencing high levels of tenant demand, but confronting a shortage of modern office space. Our project team worked with BNP in the run-up to acquisition to optimise design, specification and efficiency, and improve the building’s overall appeal. We’ve worked with GCI on projects in Paris for more than 20 years, and look forward to adding Curve to our list of joint achievements.”
ENDS
For further information:
Benson Elliot
Trish Barrigan, Managing Partner
Matilda Williams
+44 (0) 20 7808 8900
Matilda.Williams@bensonelliot.com
FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com